Business, 21.04.2020 20:23 Molly05

The Jackson Company incorrectly omitted $100,000 of merchandise from its 20X1 ending inventory. In addition, a merchandise purchase of $40,000 was incorrectly recorded as a $4,000 debit to the purchases account. As a result of these errors, 20X1 before-tax income is:
A) overstated by $136,000
B) understated by $136,000
C) Overstated by $64,000
D) Understated by $64,000
D) understated by $64,000

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The Jackson Company incorrectly omitted $100,000 of merchandise from its 20X1 ending inventory. In a...