3. Jaguar Auto Parts reported the following information in its income statements for 2021 and 2022. The company uses the periodic system of inventory management: While completing Jaguar's 2023 financial statements, the accountant realized that errors had been made in previous year's inventory calculations. The correct ending inventory at December 31,2020 was $4,000, the correct ending irventory at December 31,2021 was $5,000, and the correct ending inventory at December 31,2022 was $3,000. Instructions: i) Calculate the correct cost of goods sold and gross profit for 2021 and 2022 ( 6 Marks A) ii) Calculate the inventory turnover for 2021 and 2022 using: "the originally reported information (2 Marks T) the corrected information (2 Marks T) iii) Explain how the errors will have caused management's performance to be improperly evaluated ( 2 Marks T) Name: Spinelli BAT 4M FORMULAS Average inventory = (beginning inventory + ending inventory) /2 (Average inventory / cost of goods sold) 365 Inventory Turnover Ratio = Cost of Goods Sold / Avg. Inventory