Antique Carpets' books show the following data. (Click the icon to view the income statements.) In early 2026, auditors found that the ending merchandise inventory for 2023 was understated by $8,000 and that the ending merchandise inventory for 2025 was overstated by $9,000. The ending merchandise inventory at December 31, 2024, was correct

.Read the requirements.

Requirement 1. Prepare corrected income statements for the three years.

Antique Carpets
Income Statement
For the Years Ended December 31, 2025, 2024, and 2023
	2025		2024		2023
	Ending Merchandise				Ending Merchandise
	Inventory Overstated				Inventory Understated
	by $9,000		Correct		by $8,000
Net Sales Revenue		$212,000		$161,000		$170,000
Cost of Goods Sold:
Beginning Merchandise Inventory	$22,000		$36,000		$41,000
Plus: Net Cost of Inventory Purchased	131,000		100,000		86,000
Cost of Goods Available for Sale	153,000		?		127,000
Less: Ending Merchandise Inventory	?		22,000		36,000
Cost of Goods Sold		?		?		?
Gross Profit		?		?		?
Operating Expenses		63,000		28,000		39,000
Net Income		?		?		?

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