Giselle Tile & Marble Corporation reported the following comparative income statements for the years ended April 30, 2021, and 2020: (Click the icon to view the comparative income statement.) Giselle'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 $7,000. Read the requirement. Prepare the corrected comparative income statement for the 2-year period. Giselle Tile & Marble Corporation Income Statements (Corrected) Years Ended April 30, 2021 and 2020 2021 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold 2020 (Click the icon to view the comparative income statement.) Giselle's president and shareholders are thrilled by the company's boost in sales and net income during 2021. Then the accountants for the company discove 2020 inventory was understated by $7,000. Read the requirement. Cost of goods sold. Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income How well did Giselle really perform in 2021, as compared with 2020? Giselle actually performed in 2021. in 2021, compared to 2020, with net income from in 2020 to Giselle Tile & Marble Corporation Income Statements For the Years Ended April 30, 2021 and 2020 g 2021. Then the Sales revenue 2021 2020 $ 144,000 $ 122,000 Cost of goods sold: Beginning inventory $ 17,000 $ 11,000 74,000 73,000 Net purchases Cost of goods available 91,000 84,000 (18,000) (17,000) Ending inventory 73,000 67,000 Cost of goods sold Gross profit 71,000 55,000 30,000 23,000 Operating expenses $ 41,000 $ 32,000 Net income in 202 ome Requirement 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Giselle really perform in 2021 as compared with 2020? Print Done - X