determine what income before taxes for 2010 2011 and 2012 should have been after cor 600763

Correcting inventory errors

An internal audit at Parker Corporation discovered the following inventory valuation errors:

• The 2010 year-end inventory was overstated by $34 000.
• The 2011 year-end inventory was understated by $70 000.
• The 2012 year-end inventory was understated by $23 000.

The reported income before tax for Parker was:

2010	$142,000
2011	$273,000
2012	$170,000

Required

Determine what income before taxes for 2010, 2011, and 2012 should have been after correcting for the errors.