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Inventory Errors McLelland Inc. reported net income of $150,000 for 2011 and $165,000 for 2012. Early in 2012, McLelland discovers that the December 31, 2011, ending inventory was overstated by $15,000. For simplicity, ignore taxes. 1. What is the correct net income for 2011? For 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944500

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