Question: How would each of the following inventory errors affect net income for the year? Assume each is the only error during the year. 1. Ending

How would each of the following inventory errors affect net income for the year? Assume each is the only error during the year.

1. Ending inventory is overstated by $3,000.

2. Ending inventory is understated by $1,500.

3. Beginning inventory is understated by $3,000.

4. Beginning inventory is overstated by $1,550.

1. Net income is overstated or understated?

2. by what amount?

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