At December $31,2024,$ Sharon Lee Corporation reported current assets of $$344,050$ and current liabilities of $$196,600.$ The

following items may have been recorded incorrectly. Lee uses a perpetual inventory system.

Goods purchased costing $$20,440$ were shipped f$.$o$.$b$.$ shipping point by a supplier on December $28.$ Lee received and

recorded the invoice on December $29,2024,$ but the goods were not included in Lee's inventory because they were not

received until January $4,2025.$

Goods purchased costing $$15,950$ were shipped f$.$o$.$b$.$ destination by a supplier on December $26.$ Lee received and recorded

the invoice on December $31,$ but the goods were not included in Lee's $2024$ inventory because they were not received until

January $2,2025.$

Goods held on consignment from Claudia Kishi Company were included in Lee's December $31,2024,$ inventory at $$11,890.$

by what amount will income $($before taxes$)$ be adjusted up or down as a result of the corrections? IMPORTANT$*$ I specifically want to know how the second adjustment affects net income. If we are using a perpetual inventory system, wouldnt an increase to purchases just be a debit to inventory? If inventory is a current asset, how does it affect net income? Thank you :) upvotes in your future