Fix the Errors

Required information [The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $18,000. The company uses a periodic inventory system. Required: I. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error