Cape books the owing to het in home vera) hewy 2006 ottustu to the deg mestande water tar 2023 was understand by 14.000 wed that the ending met andere invertory for a ne vody. Twarding the way bar 14, 2014 Requirunt. Preparacorded renewards for the res per Ad Carpet For the 2013 2014 thing and Interyo W10 2003 Warhan w CO Power Calde III IIII TILE Com Antique Carpets' books show the folosing data Click the icon to view the income statements) in early 2018, auditore found that the ending merchandise Kwentory for 2023 was understated by 34,000 and that the ending marchandises invertory for 2016 wat overtaled by $6,000. The ending an under my Dronnber 31, 20 . Read the HD Ending Merchandise Inventory Understated by 14.000 Antique Carpet Income Statement For Year Ended December 11, 2001, 2004, 23 2025 2024 Ending Merchandise Inventory Overse by 15.000 Corred Net Seven Catoode Begeing Merchandise invertory el Cost of my Purchase Get of Good for Sale tou. Enong Merchandise inntry Die dood INIO NIIN ULIN MIN De Data table 2025 2024 $ 170,000 2023 $ 184,000 Net Sales Revenue $ 218,000 $ $ 22,000 138,000 $ 29,000 1,000 47,000 83,000 130.000 Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Lese: Ending Merchandise Inventory Cost of Goods Sold Gross Pront 160,000 31,000 120,000 22,000 20,000 129.000 101.000 98,000 89,000 62.000 72,000 46,000 83,000 43,000 Operating Expenses $ $ 27,000 26,000 40,000 Net Income Requirements 1. Prepare corrected income statements for the three years. 2. State whether each year's net income-before your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Print Done