ended are condensed income statements for Uncle Bills Home Improvement Center for the years December 31, 2014 and 2013 2014 2013 Sales 649,440 628,320 Cost of Goods Sold (485,520) (432,480) Gross profit 163.920 195,840 Operating expenses (124,440) (113,640) Net income (ignoring income taxes) 39,480 82,200 Uncle Bill was concerned about the operating results for 2014 and asked his recently hired accountant, "If sales increased in 2014, why was net income less than half of what it was in 2013? In February of 2015, Uncle BilTgot his answer: "The ending inventory reported in 2013 was overstated by $28.200 for merchandise that we were holding on consignment on behalf of Kirk's Servistar We still keep some of their appliances in stock, but the value of these items was not included in the 2014 inventory count because we them." Required 1: Recast the 2013 and 2014 income statements to take into account the correction of the 2013 ending inventory error. 2014 2013 Sales 649,440 628,320 460,480 457,320 Cost of goods sold 192, 120 167,840 Gross profit 124,440 113,640 Operating expenses Net income (ignoring income taxes) S 67,680 54,200