This exercise will enable you to practice identifying the effects of inventory errors on the financial statements.
The net income per books was determined without knowledge of the errors indicated.
| Year | Net Income | Error in Ending Inventory | |
| 2011 | $100.000 | Overstated | $6.000 |
| 2012 | 104.000 | Overstated | 14.000 |
| 2013 | 108,000 | Understated | 22,000 |
| 2014 | 112.000 | No error | |
| Total | $424,000 | ||
Instructions
Compute the corrected net income figure for each of the four years for the Red Bliss Company after taking into account the inventory errors.
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