Question: Question 1.3 (6 marks) The following information is presented for Sports Time. The net income figures are computed without knowledge of the errors in ending

Question 1.3 (6 marks) The following information is presented for Sports

Question 1.3 (6 marks) The following information is presented for Sports Time. The net income figures are computed without knowledge of the errors in ending inventory. Assume that there is no error in the 2021 ending inventory. Year Net Income per Books $19,200 Error in Ending Inventory Understated $2,700 2022 2023 11,800 Overstated 3,200 Instruction: Compute the correct net income for year 2022 and 2023, after taking into account the inventory errors

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