2013 2014 2012 800,000 1,106,000 1,215,000 1,600,000 200,000 $ 294,000 $ 285,000 $ 400,000 2015 Net Sales Cost of Goods Sold S 1,000,000 $1,400,000 $1,500,000 $2,000,000 Gross Profit An audit revealed that in determining these amounts, the ending inventory for 2013 was overstated by periodic inventory system Required: $10,000. The inventory balance on December 31, 2014, was accurately stated. The company uses a 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error SHERWOOD COMPANY Partial Income Statements (Corrected) 2012 2013 2014 2015 Net Sales Cost of Goods Sold Gross Profit 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction (Round your answers to the nearest whole percent.) 2012 2013 2014 2015 Before Correction Atter Correction