Business, 26.01.2021 04:10, cicimarie2018

The following inventory valuation errors have been discovered for Knox Corporation: The 2015 year-end inventory was overstated by $23,000.
The 2016 year-end inventory was understated by $61,000.
The 2017 year-end inventory was understated by $17,000.
The reported income before taxes for Knox was:
Year: Income before Taxes:
2015 $138,000
2016 $254,000
2017 $168,000
Required:
Compute what income before taxes for 2015, 2016, and 2017 should have been after correcting for the errors.

Answers: 2

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The following inventory valuation errors have been discovered for Knox Corporation: The 2015 year-e...