Question: The following inventory valuation errors have been discovered for Knox Corporation: The 20X1 year-end inventory was overstated by $23,000. The 20X2 year-end inventory was understated

The following inventory valuation errors have been discovered for Knox Corporation: The 20X1 year-end inventory was overstated by $23,000. The 20X2 year-end inventory was understated by $61,000. The 20X3 year-end inventory was understated by $17,000. The reported income before taxes for Knox was: Year Income before Taxes 20X1 $ 138,000 20X2 254,000 20X3 168,000 Required: Compute what income before taxes for 20X1, 20X2, and 20X3 should have been after correcting for the errors

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