The Community Store Reported the Following Amounts on Their Financial

Essay

The Community Store reported the following amounts on their financial statements for Year 1,Year 2,and Year 3: It was discovered early in Year 4 that the ending inventory on December 31,Year 1 was overstated by $6,000,and the ending inventory on December 31,Year 2 was understated by $2,500.The ending inventory on December 31,Year 3 was correct.Ignoring income taxes determine the correct amounts of cost of goods sold,net income,total current assets,and equity for each of the years Year 1,Year 2,and Year 3.