Whole Foods Grocery reported the following comparative income statement for the years ended September 30, 2008 and 2007.

During 2008, Whole Foods discovered that ending 2007 inventory, as previously reported, was overstated by \(\$ 3,000\). Prepare the corrected comparative income statement for the two-year period, complete with a heading for the statement. What was the effect of the error on net income for the two years combined? Explain your answer. 

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WHOLE FOODS GROCERY Income Statements Years Ended September 30, 2008 and 2007 Sales revenue 2008 $137,000 2007 $120,000 Cost of goods sold: Beginning inventory $14,000 Net purchases 72.000 $12,000 66,000 Cost of goods available 86,000 78,000 Ending inventory (16,000) (14,000) Cost of goods sold 70,000 64.000 Gross profit 67,000 56,000 Operating expenses 25.000 20.000 Net income S 42.000 $ 36.000