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Calculate the proper amount of pre-tax income

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Reference no: EM132612751

ABC Inc. reported a pre-tax income of $ 768000 for 2020. However, the company and its auditors subsequently discovered the following errors in thevaluation of inventory.

2020

Opening inventory Amount Reported 54000

Correct Amount 44000

2020

Closing inventory Amount Reported 56000

Correct Amount 50000

Question 1: Calculate the proper amount of pre-tax income for 2020.

Reference no: EM132612751

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