Partial income statements for Sherwood Company summarized for a four-year period show the following. Net Sales Cost of Goods Sold Gross Profit 2018 $2,350,000 1,480,500 $ 869,500 2019 $ 2,750,000 1,705,000 $1,045,000 2020 $ 2,850,000 1,824,000 $ 1,026,000 2021 $ 3,350,000 2,110,500 $ 1,239,500 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $21,400. The inventory balance on December 31, 2020, 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. Do the results lend confidence to your corrected amounts?