The XYZ Co. reported net income of $130,000, $140,000, and $190,000 for 2016, 2017, and...
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The XYZ Co. reported net income of $130,000, $140,000, and $190,000 for 2016, 2017, and 2018, respectively. In 2018 certain errors were discovered: The 2016 ending inventory was overstated by $14,000 and the 2017 ending inventory was understated by $16,000. The correct net income figures are: 2016: $144,000; 2017: $142,000; 2018: $174,000. 2016: $116,000; 2017: $138,000: 2018: $206,000. O 2016: $144,000; 2017: $110,000; 2018: $206,000. O 2016: $116,000; 2017: $170,000; 2018: $174,000. D Question 5 1 pts As a matter of accounting theory, which of the following costs should be excluded from a company's inventory? The amount paid to a railroad for hauling purchased goods to your place of business. The amount paid to a local trucking company to haul purchased goods to your warehouse from the railroad station The cost of hauling sold goods from your place of business to customers' warehouses. O The cost of handling, unpacking, checking, and pricing purchased merchandise received
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