E6-28A. (Learning Objective 6: Analyze the effect of an inventory error) Banta Tile & Marble Corporation reported the following comparative income statements for the years ended November 30, 2018, and 2017: A1 Banta Tile & Marble Corporation Income Statements 1 For the Years Ended November 30, 2018 and 2017 2 2018 2017 3 Sales revenue $ 138,000 $ 125,000 4 Cost of goods sold: 5 Beginning inventory $ 15,000 $ 14,500 6 Net purchases 78,000 66,000 7 Cost of goods available 93,000 80,500 8 Ending inventory (18,500) (15,000) 9 Cost of goods sold 74,500 65,500 10 Gross profit 63,500 59,500 11 Operating expenses 31,000 29,000 12 Net income $ 32,500 $ 30,500 13 Banta's president and shareholders are thrilled by the company's boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 inventory was understated by $8,500. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Banta really perform in 2018 as compared with 2017