Telly Company reported proﬁt in 20X1 of $22,000 and in 20X2 of $32,000. Later it was discovered that the 20X1 ending inventory was overstated by $5,000. Compute the amount of proﬁt (disregard income tax) for 20X1 and 20X2. 20X1 $____________________ 20X2 $__________________

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The Answer of Telly Company reported proﬁt in 20X1 of $22,000 and in 20X2 of $32,000. Later it was discovered that the 20X1 ending inventory was overstated by $5,000. Compute the amount of proﬁt (disregard income tax) for 20X1 and 20X2. 20X1 $____________________ 20X2 $__________________

Telly Company Reported Proﬁt in 20X1 of $22,000 and in 20X2