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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?
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