Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales cost of Goods Sold Gross Profit 2015 $2,200,000 1.496, eee $ 704,000 2016 $2,680,000 1 742,00 S. 858,eee 2017 $2,700,000 1,863,000 $ 837,880 2818 $3,2ee, eee 2,176, eee $1,e24, eee An audit revealed that in determining these amounts, the ending Inventory for 2016 was overstated by $22.000. 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. Reg 1 Reg 2A Reg 28 Restate the partat Income statements to reflect the correct amounts, after fixing the inventory error SHERWOOD COMPANY income Statemente corteered] 2015 2010 2017 2018 NBAN GOS Hotel ntory system 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 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. Req 1 Req 2A Req 28 Compute the gross profit percentage for each year (a) before the correction and (b) after the correction (Round your ans to the nearest whole percent.) 2015 2016 2017 2018 %6 % efore Correction fter Correction % 96 96 96 96 96