Question: 1 . During 2 0 2 4 , X Inc. discovered that the ending inventories reported on its financial statements were incorrect by the following

1. During 2024, X Inc. discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2022 $120,000 understated 2023 $150,000 overstated X uses the periodic inventory system. Prior to any adjustments for these errors and ignoring income taxes, Xs retained earnings at January 1,2024 would be: A. Correct B. $30,000 overstated C. $150,000 overstated D. $270,000 overstated

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