E/-1/ fupplement /D) Analyzing ana uiterpreung ue impact or an inventory Error LLU 7-24) Dallas Corporation prepared the following two income statements: First Quarter $21.000 Second Quarter $25, 200 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations $4,200 8,200 12,400 5,200 $ 5,200 13, 200 18,400 10, 200 7,200 13,800 6, 200 $7.000 B, 200 17,000 7,200 $ 9,800 During the third quarter, the company's internal auditors discovered that the ending inventory for the first quarter should have been 56,100. The ending inventory for the second quarter was correct Required: 1. What effect would the error have on total income from Operations for the two quarters combined? 2. What effect would the error have on Income from Operations for each of the two quarters? 3. Prepare corrected income statements for each quarter. Ignore income taxes Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What effect would the error have on total Income from Operations for the two quarters combined? Two Quarters Combined Required 2 > Required 1 Requireli 2 Required 3 What effect would the error have on Income from Operations for each of the two quarters? First Quarter Second Quarter Radicada1 Prepare corrected income statements for each quarter. Ignore income taxes. Dallas Corporation Income Statement (Partial) First Quarter Second Quarter +