Homework: Chapter F:6 Homework Que Earth Foods Grocery reported the following compa Requirement 1. Prepare corrected income statem Sales Revenue Cost of Goods Sold: Earth Incor Years Ended Sep Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Data table Requirements 1. 2. Earth Foods Grocery Prepare corrected income statements for the two years. State whether each year's net income-before your corrections- or overstated, and indicate the amount of the understatement or o Print Done 2025 2024 Income Statements Years Ended September 30, 2025 and 2024 Net Sales Revenue 2025 2024 $ 143,000 $ 125,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 16,500 $ 12,600 79,000 76,000 Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale 95,500 88,600 19,000 16,500 Less: Ending Merchandise Inventory 76,500 72,100 Cost of Goods Sold answer Gross Profit 66,500 52,900 30,000 20,000 Operating Expenses 36,500 $ 32,900 Net Income