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Webster Company reported net income of $31,000 and $35,000 f

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Webster Company reported net income of $31,000 and $35,000 for 20×4…Webster Company reported net income of $31,000 and $35,000 for 20×4 and 20×5 respectively. During the audit of Webster’s 20×5 financial statements, the auditors discovered the following errors in the inventory accounts:Ending inventory, 20×4 15,000 => 14,000 ( correct )Ending inventory, 20×5 18,000 => 16,000Compute the correct net income for 20×4 and 20×5.Accounting Business Financial Accounting ACC 1103

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