A7-5 (Algo) (Supplement 7B) Analyzing and Interpreting the Effects of Inventory Errors [LO 7-S2 Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2018 2019 2020 2021 $3,000,000 $3,400,000 $3,500,000 $4,000,000 1,500,000 1,666,000 1,785,000 2,000,000 $1,500,000 $1,734,000 $1,715,000 $2,000,000 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $24,000. The inventory b pn December 31, 2020, was accurately stated. The company uses a periodic inventory system. Required: Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each