European Tile & Marble Corporation reported the following comparative income statements for the years ended November 30, 2018 and 2017:

Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did European really perform in 2018 as compared with 2017?

European Tile & Marble Corporation Income Statements For the Years Ended November 30, 2018 and 2017 2018 2017 Sales revenue $ 144,000 $ 122,000 Cost of goods sold: Beginning inventory $ 17,000 75,000 $ 14,000 74,000 Net purchases Cost of goods available 92,000 (16,000) 88,000 (17,000) Ending inventory Cost of goods sold 76,000 71,000 Gross profit 68,000 32,000 51,000 20,000 Operating expenses $ 36,000 $ 31,000 Net income