Nova Scotia Emporium has been in business for 5 years. Due to a
lack of understanding of generally accepted accounting principles,
errors were made in calculating the amount at which to report
inventory on the balance sheet at the end of the fiscal year. These
errors are summarized below:
Annual Net Income Reported in Income
Year Statement Description and Amount of Error
in Ending Inventory 2020 $ 202,000 Understatement $ 20,000 2021 $
110,595 Understatement $ 40,000 2022 $ 97,500...