Flamingo Tile & Marble Corporation reported the following comparative income statements for the years ended September 30, 2021, and 2020: (Click the icon to view the comparative income statement.) Flamingo's president and shareholders are thrilled by the company's boost in sales and net income during 2021. Then the accountants for the company discover that ending 2020 inventory was understated by $5,500. Read the requirement. Prepare the corrected comparative income statement for the 2-year period. Flamingo Tile & Marble Corporation Income Statements (Corrected) Years Ended September 30, 2021 and 2020 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income Requirement 2021 2020 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Flamingo really perform in 2021 as compared with 2020? Data table Flamingo Tile & Marble Corporation Income Statements For the Years Ended September 30, 2021 and 2020 2021 2020 $ 140,000 $ 118,000 Sales revenue Cost of goods sold: Beginning inventory $ 18,000 $ 13,000 77,000 70,000 Net purchases Cost of goods available 95,000 83,000 (21,000) (18,000) Ending inventory Cost of goods sold 74,000 65,000 Gross profit 66,000 53,000 29,000 25,000 Operating expenses $ 37,000 $ 28,000 Net income - Print Done -