6-31A (book/static) Question Help Empire State Carpet's books show the following data Click the icon to view the income statements) In any 2020, autors found that the ending merchandise inventory for 2017 was underwated by S8 000 and that the ending merchandise inventory for 2018 was overstand by $8,000. The ending merchandise inventory at December 31, 2016 was corect Read the regements For the Year Ended December 31, 2013, 2018, and 2017 0 Recurements Ending Merchandise Ending Merchandise Inventory Overstated Inventory Understated by 9,000 1. Prepare corrected income statements for the three years 2. State whether each year's not income before your corrections understated or overstated, and indicate the amount of the understatement on Net Sales Revenge Cost of Goods Sold Beginning Merchandise Inventory Compute the inventory over and day was inventoryang comedad income statement for the three years. Round all numbers Cost of Goods Available for Sale Les Ending Merchandise inventory Cost of Goods Sold data. chandise ndin Data Table rs Ended 201 2019 $ 220,000 2018 $ 2017 $ 162,000 176,000 Ending Mer nventory by $9 $ 46,000 76,000 for the befo the a Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ 22,000 132,000 154,000 32,000 29,000 90,000 119,000 22,000 122,000 29.000 ys' sal he year 97.000 122,000 98,000 72,000 26,000 93,000 83,000 48,000 Done 65,000 38,000 27,000 Operating Expenses 35,000 $ Net Income Print Done then click Check