Income Statement and Merchandise Inventory

Are these figures correct?

Peaceful Carpets's books show the following data. (Click the icon to view the income statements.) In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $6,000 and that the ending merchandise inventory for 2019 was overstated by $7,000. The ending merchandise inventory was correct December 31, 2018, Read the requirements A Data Table 2019 2018 2017 2017 $ 202,000 $ 163,000 $ 175,000 Ending Merchandise Inventory Understated by $6,000 $ 175,000 $ 15.000 $ 19,000 S 33,000 132.000 94,000 84,000 Peaceful Carpets Income Statement For the Years Ended December 31, 2019, 2018, and 2017 2019 2018 Ending Merchandise Inventory Overstated by $7,000 Correct Net Sales Revenue S 202,000 $ 163,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 15,000 $ 25,000 Net Cost of Purchases 132,000 94,000 Cost of Goods Available for Sale 147,000 119,000 19,000 Less: Ending Merchandise Inventory 15000 Cost of Goods Sold 128,000 1040001 Gross Profit 74000 59000 Operating Expenses 55,000 37,000 Net Income 19000 22000 $ 33,000 Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses 147.000 113,000 117,000 84,000 26.000 15.000 19,000 117,000 25000 121,000 98,000 98,000 104000 81,000 55.000 65,000 37,000 77,000 43,000 83,000 9:01 43,000 $ 26,000 $ 28,000 S 34,000 Net Income $ 40,000 Enter any number in the edit fields and then click Check Answer. ? parts 3 3 remaining Clear All Print Done