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What was the error in Schwei Co net income

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Question - In 2020, Schwei Co. overstated ending inventory by $740,000 and understated depreciation by $592,000. In 2021, Schwei Co. understated ending inventory by $1,036,000 and overstated depreciation by $474,000. Based on these numbers, what was the error in Schwei Co.'s 2021 net income?

Understated by $562,000

Understated by $178,000

Understated by $2,250,000

Understated by $1,510,000

Reference no: EM133064628

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