Tony Company began operations in 2012. During the first two years of operations, the company made undiscovered errors in taking its year-end inventories that overstated 2012 ending inventory by $50,000 and overstated 2013 ending inventory by $40,000. The combined effect of these errors on reported net income is...  ANSWER is A: what is the process for getting this answer  2012                                 2013                                   2014 A. overstated 50k           understated 10k                 understated 40k

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