Exercise A Crocker Company reported annual net income as follows:
|
2008 |
$484,480 |
|
2009 |
487,680 |
|
2010 |
409,984 |
Analysis of its inventories revealed the following incorrect inventory amounts and these correct amounts:
|
Incorrect Inventory Amount |
Correct inventory amount |
|
|
2008 December 31 |
$76,800 |
$89,600 |
|
2009 December 31 |
86,400 |
77,600 |
Compute the annual net income for each of the three years assuming the correct inventories had been used.