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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 6-6

Purpose: (L.O. 5) This exercise will enable you to practice identifying the effects of inventory errors on the financial statements.

The net income per books was determined without knowledge of the errors indicated.

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Instructions

Compute the corrected net income figure for each of the four years for the Red Bliss Company after taking into account the inventory errors.

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