Partial income statements for Sherwood Company summarized for a four-year period show the following 2015 $2,500,e00 $2,980,e0 $3,eee,eee $3,500,000 1,625,000 1.856,00 1,988,000 2,275,eee s 875,000 1,944,000 $1,820,000 1.225,000 2016 2017 018 Net Sales Cost of Goods Sold Gross Profit t in determining these amounts, the ending inventory for 2016 was overstated by $25,000. The inventory balance 2017, was accurately stated. The company uses a periodic inventory system Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error 2-0. Compute 2-b. Does the gross profit percentage for each year (a) before the correction and (b) after the correction the pattern of gross profit percentages lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 28 Restate the partial income statements to reflect the correct amounts, after fsing the inventory error Income Statements (Corrected) 2015 2016 201 7 2018 Net Salets Cost of Goods Sold Gross Profit Req 2A > Partial income statements for Sherwood Company summarized for a four-year period show the following 28162017 $2,500,000 $2,900,000 $3,eee,e00 $3,see,ee0 1,625,000 -856,000--'980,000 2,275,000 5 875,80 $1,844,000 $1,820,000 $1,225,889 2015 2818 Net Sales Cost of Goods Sold Gross Profit ed An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $25,000 The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below NES Rea 1 Req 2A Req 2B Compute the gross profit percentage for each year (a) before the correction and (b) after the correction, (Round your to the nearest whole percent.) Before Correction Alter Correction