matements for the 0 Requirements Lak Inco Years Ended De 2025 Ending Merc Inventory O by $7,00 1. Prepare corrected income statements for the three years. 2. State whether each year's net income-before your corrections is understated or overstated, and indicate the amount of the understatement or overstatement 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Print Done 1 Data Table 2023 ed in 2025 $ 217,000 2024 $ 160,000 $ 173.000 $ 18,000 131,000 $ 22,000 102,000 40,000 94,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit 149,000 30,000 124.000 18,000 134,000 22.000 119,000 106,000 112,000 61,000 98,000 72,000 54,000 25,000 27.000 Operating Expenses ventory S 26,000 S 29,000 S 34,000 Net Income y Purch or Sale Print Done In any 2028 audition found that the ending merchandise Invertory for 2005 au undurtuted by $8,000 and at the ending merchandise Inventory for 2025 was stated by $7000 The anong mandande inventory at December 31, 2024. was correct Read the reducements Income Statement For the Year Ended December 31, 2025, 2024 and 2023 2025 2024 Ending Merchandise Inventory Overstated by 17.000 Correct 2023 Ending Merchandise Inventory understated by 56,000 Now Cost of oos God plus cost of the Cost of Good for tale Ending Merchandisetory Best of nods told DP IL Operating Expenses Net Income Enter any number in the edit fields and then click Check