3. What effect would the error have had on the income tax expense assuming a 30 percent average rate?

Required information [The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $18,000. The company uses a periodic inventory system. 3. What effect would the error have had on the income tax expense assuming a 30 percent average rate? \begin{tabular}{|l|l|} \hline \multicolumn{2}{|l|}{ Income Tax Expense } \\ \hline 2017 & \\ \hline 2018 & \\ \hline \end{tabular}