During 2018, lilini Company discovered that the ending inventories were understated by $240,000 in 2016...
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Accounting
During 2018, lilini Company discovered that the ending inventories were understated by $240,000 in 2016 and were overstated by $300,000 in 2017 in uses the FIFO cost method. Before any correction for these errors and ignoring income taxes, Illini's retained earnings at the beginning of 2018 would be: Multiple Choice $60.000 overed $540,000 overstated Correct $300,000 overstated
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