Oregon 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 at December 31, 2018, was correct. Read the requirements 2017 Requirement 1. Prepare corrected income statements for the three years. Oregon 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 Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Ending Merchandise Inventory Understated by $6,000 Choose from any list or enter any number in the input fields and then continue to the next question. i Requirements 1. Prepare corrected income statements for the three years. 2. State whether each year's net income-before your correctionsis 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 X Data Table 2019 2018 2017 $ 219,000 $ 160,000 165,000 $ 19,000 139,000 $ 23,000 103,000 42,000 93,000 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 158,000 31,000 126,000 19,000 135,000 23,000 127,000 107,000 112,000 92,000 67,000 53,000 25,000 28,000 53,000 21,000 $ Net Income 25,000 $ 32,000 Print Done