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A company reported the net income of $58,000 for the year ending 2018. However, it was discovered that the opening inventory was overstated by $9,000 and the ending inventory is understated by $11,000. Compute the corrected net income. a. $60,000 b. $78,000 c. $56,000 d. $47,000 |
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Answer» will ANSWER with a NUMERICAL example:sakes 200,000minus :beginning INVENTORY 50000+purchases. 114000-ending inventory 22000cost of good sold 142000gross INCOME 58000Beginning inventory should have been 9000 lessEnding inventory should have been 11000 more then ;sakes 200,000minus :beginning inventory 50000–9000= 41000+purchases. 114000-ending inventory 22000+11000=33000cost of good sold 122000gross income 78,000Explanation:hope it helps |
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