Nicholas Company discovers in 2012 that its ending inventory at December 31, 2011, was $5,000…

Nicholas Company discovers in 2012 that its ending inventory at December 31, 2011, was $5,000 understated. What effect will this error have on
(a) 2011 net income,
(b) 2012 net income, and
(c) The combined net income for the 2 years?

Nicholas Company discovers in 2012 that its ending inventory at

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