Big Blue Tile & Marble Corporation reported the following comparative income statements for the years ended September 30, 2021, and 2020: (Click the icon to view the comparative income statement.) Big Blue's president and shareholders are thrilled by the company's boost in sales and net income during 2021. Then the accountants for the company discover that ending 2020 inventory was understated by $5,500. Read the requirement. - X Requirement Prepare the corrected comparative income statement for the 2-year period. Big Blue Tile & Marble Corporation Income Statements (Corrected) Years Ended September 30, 2021 and 2020 2021 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Big Blue really perform in 2021 as compared with 2020? 2020 Sales revenue Print Done Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income - Data Table Big Blue Tile & Marble Corporation Income Statements For the Years Ended September 30, 2021 and 2020 2021 2020 $ 144,000 $ 126,000 $ 13,000 79,000 $ 10,500 68,000 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses 92,000 (16,500) 78,500 (13,000) 75,500 65,500 68,500 30,000 60,500 24,000 $ 38,500 $ 36,500 Net income Ronaldo Antiques, Inc., began June with inventory of $49,900. The business made net purchases of $54,000 and had net sales of $104,000 before a fire destroyed the company's inventory. For the past several years, Ronaldo's gross profit percentage been 35% Read the requirement Use the gross margin method to estimate the cost of inventory destroyed Requirement Cost of goods available Estimated cost of goods sold: 1. Estimate the cost of the inventory destroyed by the fire. Identify another reason that owners and managers use the gross profit method to estimate inventory. Less Estimated cost of goods sold Print Done Estimated cost of inventory destroyed