Question: 2 [14 points] X-cell Inc. reported the amounts shown below in its financial statements. In making the physical counts of inventory, the following errors were

2 [14 points] X-cell Inc. reported the amounts shown below in

2 [14 points] X-cell Inc. reported the amounts shown below in its financial statements. In making the physical counts of inventory, the following errors were made: Inventory on December 31, 2023: understated $22,000 Inventory on December 31, 2024: overstated $10,000 Financial Statements for Year Ended December 31, 2023 2024 2025 Cost of Goods Sold 575,000 460,000 445,000 Net income 183,000 215,000 225,000 Total current assets 790,000 800,000 735,000 Equity 610,000) 645,000 660,000 Use this information to calculate the corrected amounts for each year and enter them in the table below: Cost of Goods Sold Net income Total current assets Equity 2023 2024 2025

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