Use the following information for the next five (5) questions: Havana Uno Company reported the following net income figures without knowledge of inventory errors. Year Reported Net Income Error in...


Computed the corrected profit for the following year


2021


A.740,000


B. 650,000


c. 630,000


D. 560,000



2022


A. 670,000


B. 650,000


C. 470,000


D. 450,000


Use the following information for the next five (5) questions:<br>Havana Uno Company reported the following net income figures without knowledge<br>of inventory errors.<br>Year<br>Reported Net Income Error in Ending Inventory<br>2019<br>500,000<br>Overstated<br>50,000<br>2020<br>520,000<br>Overstated<br>90,000<br>2021<br>540,000<br>|Understated 110,000<br>2022<br>560,000<br>No error<br>2023<br>580,000<br>Understated<br>20,000<br>2024<br>600.000<br>Overstated<br>100 000<br>Compute the corrected profit for the following year:<br>

Extracted text: Use the following information for the next five (5) questions: Havana Uno Company reported the following net income figures without knowledge of inventory errors. Year Reported Net Income Error in Ending Inventory 2019 500,000 Overstated 50,000 2020 520,000 Overstated 90,000 2021 540,000 |Understated 110,000 2022 560,000 No error 2023 580,000 Understated 20,000 2024 600.000 Overstated 100 000 Compute the corrected profit for the following year:

Jun 03, 2022
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