Lace Company overstated its inventory by $10,000 at the end of 2021. The error was not detected. The ending inventory f

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answerhappygod
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Lace Company overstated its inventory by $10,000 at the end of 2021. The error was not detected. The ending inventory f

Post by answerhappygod »

Lace Company overstated its inventory
by $10,000 at the end of 2021. The error was not detected.
The ending inventory for 2022 was correctly stated. Net income
reported by Lace Company was $60,000 for 2021 and $90,000 for 2022.
What is the correct amount of net income for 2021 and 2022,
respectively? Explain.
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