(Answered) Nsppurpose this exercise will enable you to

Accounting

Purpose: This exercise will enable you to practice identifying the effects of inventory errors on the financial statements.

The net income per books of Wacky Wicks Company was determined without knowledge of the errors indicated.

Year	Net Income Per Books	Error in Ending Inventory
2011	$ 150,000	Overstated $ 9,000
2012	156,000	Overstated 21,000
2013	162,000	Understated 33,000
2014	168,000	No error

Instructions

Compute the correct net income figure for each of the four years after taking into account the inventory errors.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91537581
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