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Calculate the amount by which income was understated

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Reference no: EM133066153

Question - Marathon Company has a year end of March 31. Marathon Company's financial statements included the following errors for the 2021 and 2022 years:

 

2021

2022

Ending inventory

$25,500 understated

$16,300 understated

Required - Calculate the amount by which income before income taxes was understated or overstated for: a. The 2021 year b. The 2022 year.

Reference no: EM133066153

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