The accounting records of Oriental Rugs show these data (in thousands.

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Description

QUESTION:

The accounting records of Oriental Rugs show these data (in thousands). As the auditor, you discovered that the ending inventory for 2015 was overstated by $100,000 and that the ending inventory for 2016 was understated by $50,000. The ending inventory at December 31, 2017, was correct.

Requirements

1. Show correct income statements for each of the three years.

2. How much did these corrections add to, or take away from, Oriental Rugs’s total net income over the three-year period? How did the corrections affect the trend of net income?


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