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What would the corrected income be

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Reference no: EM132797763

Question - LG-B Company uses the periodic inventory method. The company's annual net profit for the years 2015 to 2019 are as follows:

Year Net Income (loss)

2015 (220,000)

2016 340,000

2017 550,000

2018 670,000

2019 470,000

A review of the company's records revealed the following Cost of Goods Sold errors:

2015 35,000 understated

2016 12,000 overstated

2017 5,500 understated

2018 17,000 overstated

2019 No Error

Required - What would the corrected income be?

Reference no: EM132797763

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