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What effect will the errors have on net income

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Question - You have been asked to audit the financial statements of Richardson Company for two consecutive years. After examining the accounting records, you determine the following:

Ending inventory in Year 1 is overstated by $3,400

Ending inventory in Year 2 is understated by $14,600

Required - Ignoring income taxes, what effect will the errors have on net income for each of Year 1 and Year 2?

Reference no: EM132547602

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