E7-17 (Supplement 7B) Analyzing and Interpreting the Impact of an Inventory Error [LO 7-S2] Dallas Corporation prepared the following two income statements: First Quarter Second Quarter Sales Revenue $15,000 $18,000 Cost of Goods Sold Beginning Inventory $ 3,000 $ 4,000 Purchases 7,000 12,000 Goods Available for Sale 10,000 16,000 Ending Inventory 4,000 9,000 Cost of Goods Sold 6,000 7,000 Gross Profit 9,000 11,000 Operating Expenses 5,000 6,000 Income from Operations $ 4,000 $ 5,000 During the third quarter, the company's internal auditors discovered that the ending inventory for the first quarter should have been $4,400. The ending inventory for the second quarter was correct. 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 Prepare corrected income statements for each quarter. Ignore income taxes. Dallas Corporation Income Statement (Partial) First Quarter Second Quarter 0 0 0 S