Data Table 2019 2018 Not Sales Revenue 2017 S 218,000 $ 165,000 Cost of Goods Sold: S 178,000 Beginning Merchandise Inventory $ 21.000 S $ 38,000 Net Cost of Purchases 137,000 26,000 109,000 98,000 Cost of Goods Available for Sale 135,000 158,600 30,000 136,000 Less: Ending Merchandise Inventory 21,000 26,000 Cost of Goods Sold 128,000 114,000 110,000 Gross Profit 90,000 61,000 Operating Expenses 60.000 68,000 31.000 27,000 Net Income $ 30,000 $ 24,000 $ 37,000 Print Done out fields and then continue to the next question. Antique Carpet's books show the following date. (Click the icon to view the income statements.) In early 2020, auditors found that the ending merchandise Inventory for 2017 was understated by $8,000 and that the ending merchandise Inventory for 2019 was overstated by 10,000. The ending the was correct Read the comes 2017 Requirement 1. Prepare corrected income statements for the three years Antique Carpets Income Statement For the Years Ended December 31, 2019, 2010, and 2017 2019 2018 Ending Merchandise Inventory Overstated by 59.000 Correct Net Sales Revenue Cost of Goods Solid Beginning Merchandise Inventory Net Cost of Purchase Cost of Goods Available for Sale Lins Ending Merchandise Inventory Cout of Goods Sold Gross Profit Ending Merchandise Inventory Understated by 58,000 Choose from any it or enter any number in the input iids and then continue to the next question MacBook Opo BO Read the follomonla Gross Profit Operating Expenses Net Income Requirement 2. State whether each year's net income--before your corrections understated or overstated, and indicate the amount of the understatement or overstate Prior to correction net income was Year: 2019 2018 2017 Requirement 3. Compute the inventory tumover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals Select the labels and enter the amounts to compute inventory turnover for each year. (Round your answers to two decimal places, X.xx.) 2019 Inventory turnover times times times 2016 2017 Now select the labels and enter the amounts to compute days' sales in inventory for each year. (Enter all amount to two decimal places, XXX) Choose from any list or enter any number in the input fields and then continue to the next question, MacBook Air 2016 2017 times Requirement 3. Compute the inventory tumover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to the Select the labels and enter the amounts to compute inventory turnover for each year. (Round your answers to two decimal places, XXX) Inventory turnover 2019 2018 times 2017 times Now select the labels and enter the amounts to compute days' sales in inventory for each year (Enter all amounts to two decimal places, XXX) Days' salos in inventory 2019 days 2018 days days 2017 Choose from any list or enter any number in the input fields and then continue to the next question. MacBook Air 20 esc o & requirer nts ento bls.) for e 1. Prepare corrected income statements for the three years. 2. State whether each year's net income before your corrections is 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 invel 11 Days' sales in inventory days II days 11 days then continue to the next