Information Required:
Assuming That No Corrections Were Made in Any Year

Information:
$\begin{array}{rrr}& \text { Net Income } & \text { Error in } \\\text { Year } & \text { per Books } & \text { Ending Inventory } \\2010 & \$ 75,000 & \$ 2,000 \text { Overstatement } \\2011 & 54,000 & 2,800 \text { Understatement } \\2012 & 96,000 & 1,900 \text { Overstatement }\end{array}$ Required:
Assuming that no corrections were made in any year, compute the correct income for each of the three years.

Correct Answer:

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2010: $75, 000 - 2, 000 = $73,...

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