2017 Net Sales $920,000 Cost of goods sold $570,400 Gross profit on sales $349,600 2016 Net Sales $840,000 Cost of goods sold $546,000 Gross profit on sales $294,000 it is discovered that an error in the computation of inventory at the end of 2016 caused a $20,000 understatement in that idventory. The company uses the periodic inventory system Prepare a revised two-year abbreviated income summary. 2017 Net Sales Blank 1 Cost of goods sold Blank 2 Gross profit on sales Blank 3 2016 Net Sales Blank 4 Cost of goods sold Blank 5 Gross profit on sales Blank 6