Sawyer Company reported the following net income amounts: 2016, $82,000; 2017, $50,000; and 2018, $40,000. In 2019, the company discovered errors that had been made in computing the ending inventories for 2016 and 2017, as follows:

Compute the correct net incomes for 2016, 2017, and 2018.

Question

Sawyer Company reported the following net income amounts: 2016, $82,000; 2017, $50,000; and 2018, $40,000. In 2019, the company discovered errors that had been made in computing the ending inventories for 2016 and 2017, as follows: 
  
Compute the correct net incomes for 2016, 2017, and 2018.

Quizplus · Accepted Answer

The Answer of Sawyer Company reported the following net income amounts: 2016, $82,000; 2017, $50,000; and 2018, $40,000. In 2019, the company discovered errors that had been made in computing the ending inventories for 2016 and 2017, as follows: 
  
Compute the correct net incomes for 2016, 2017, and 2018.

Sawyer Company Reported the Following Net Income Amounts: 2016, $82,000;