Great Foods Grocery reported the following comparative income statements for the years ended September 30, 2019 and 2018 (click the icon to view the comparative income statements) During 2019, Great Foods Grocery discovered that ending 2018 merchandise inventory was overstated by $1,500 Read the tequirements 1 Data Table Requirement 1. Prepare corrected income statements for the two years Great Foods Grocery Income Statements Years Ended September 30, 2019 and 2018 Great Foods Grocery Income Statements Years Ended September 30, 2019 and 2018 2019 2018 Sales Revenue 140000 121000 2019 2018 S 140,000 Cost of Goods Sold Sales Revenue s 121,000 11000 Cost of Goods Sold 12500 Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less. Ending Merchandise Inventory Cost of Goods Sold 76000 87000 16500 Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale 11,000 76,000 72000 S 12,500 72,000 84500 11000 87,000 84 500 11,000 70500 69500 24000 45500 73500 47500 17000 30500 Less. Ending Merchandise Inventory16,500 Cost of Goods Sold Gross Profit Operating Expenses Net Income Gross Profit Operating Expenses Net Income 70.500 69,500 24,000 $ 45,500 73,500 47.500 17,000 S30,500 Requirement 2. State whether each years net income- -before your corrections--is understated or overstated Year Net income prior to correction Print Done 2019 2018