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RJ Davis Company has a calendar-year accounting period. The following error was discovered in April...

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Accounting

RJ Davis Company has a calendar-year accounting period. The following error was discovered in April of 2023. This error would have affected the financial statements for 2021 and 2022.
The ending balance in the inventory had been overstated (understated) for 2021 by:
400,000
INSTRUCTIONS:
a Compute the effect this error had on the 2022 net income.
b Compute the effect, if any, each error had on the 2021 balance sheet items.
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