Effects of an Error in Ending Inventory Waymire Company prepared the partial income statements presented below for 2023 and 2022. Sales revenue 2023 $538,200 2022 $483,700 Cost of goods sold: Beginning inventory $39,300 $32,100 Purchases 343,200 292,700 Cost of goods available for sale 382,500 324,800 Ending Inventory (46,800) 335,700 (39,300) 285,500 Gross margin $202,500 $198,200 Operating expenses (167,200) (151,600) Income before taxes $35,300 $46,600 During 2024, Waymire's accountant discovered that ending inventory for 2022 had been understated by $6,500. Required: 1. Prepare corrected income statements for 2023 and 2022. Use the minus sign for negative values. Waymire Company Income Statement For 2023 and 2022 2023 2023 2022 2022 Gross margin Operating expenses Income before taxes $202,500 $198,200 (167,200) (151,600) $35,300 $46,600 During 2024, Waymire's accountant discovered that ending inventory for 2022 had been understated by $6,500. Required: 1. Prepare corrected income statements for 2023 and 2022. Use the minus sign for negative values. Waymire Company Income Statement For 2023 and 2022 2023 2023 2022 2022 Cost of goods sold: Gross margin 2. Prepare a schedule showing each financial statement item affected by the error and the amount of the error for that item (ignore the effect o Cost of goods sold: Gross margin 0000 Q0Q0 2. Prepare a schedule showing each financial statement item affected by the error and the amount of the error for that item (ignore the effect of income taxes). Use a minus sign (-) to indicate if an error is an understatement. If no entry is required, leave the amount box blank. Waymire Company Financial Statement For 2022 and 2023 Beginning inventory Ending inventory Stockholders' equity Cost of goods sold Gross margin Income before taxes i 2022 2023