At the beginning of year 1 the companys inventory level was, Ask an Expert

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At the beginning of year 1, the company's inventory level was stated correctly. At the end of year 1, inventory was understated by $1,600. At the end of year 2, inventory was overstated by $500. Reported net income was $3,300 in year 1 and $3,300 in year 2. Compute the correct amount of net income in year 1?

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