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  3. 2. listed below are two partial income statements

2. Listed below are two partial income statements for years ending 20x3 and 20X4 for...

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2. Listed below are two partial income statements for years ending 20x3 and 20X4 for the Pantry Restaurant. In January 20x5 the controller discovers that the ending inventory for 20X3 was overstated by $10,000. 20X3 20X4 Sales $450,000 $525,000 Beginning Inventory 60,000 75,000 Purchases 215,000 230,000 Cost of Goods Available 275,000 305,000 Ending Inventory 75,000 85,000 Cost of Goods Sold 200,000 220,000 Gross Profit 250,000 305,000 Operating Expenses 230,000 270,000 Net Profit 20,000 35,000 Regulradi What are the correct net income figures for 20x3 and 20x4? Correct net income for 20x3 S Correct net income for 20X4 $

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