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P6.5 (Algo) Analyzing and Interpreting the Effects of Inventory Errors LO6.5 The statements of earnings for Pruitt Compony summorized for o four-year period show the

image text in transcribed P6.5 (Algo) Analyzing and Interpreting the Effects of Inventory Errors LO6.5 The statements of earnings for Pruitt Compony summorized for o four-year period show the following (amounts in thousands of dollors): An sudit revesled that in determining these smounts, the ending inventory for 2022 wos understated by $56. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round Intermedlate calculations. Round the final answers to the nearest dollar amount.) 2. Did the error affect the cumulative net esmings for the four-year period? Not affected Affected 3. What effect did the error hove on the income tox expense for 2022 and 2023 ? (Do not round Intermedlate calculations. Round the final answers to the nearest dollar amount.)

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