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Harmony Carpets' books show the following data ( Click the icon to view the income statements ) In early 2 0 2 6 , auditors
Harmony Carpets' books show the following data
Click the icon to view the income statements
In early auditors found that the ending merchandise inventory for was understated by $ and that the ending merchandise invento correct.
Read the requirements.
Prepare corrected income statements for the three years.
State whether each year's net incomebefore your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement
Compute the inventory turnover and days sales in corrected income statement for the three years. Round all numbers to two decimals
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