Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $2,000,000 1,400,000 $ 600,000 2016 $2,400,000 1,660,000 $ 740,000 2017 $2,500,000 1,770,000 $ 730,000 2018 $3,000,000 2,180,000 $ 900,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $20,000. 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-. Compute the gross profit percentage for each year (m) 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 2B 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. Req 1 Reg 2A Reg 2B Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. SHERWOOD COMPANY Income Statements (Corrected) 2015 2016 2017 2018 Net Sales Cost of Goods Sold Gross Profit Req 21 > 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 Req 2A Req 2B ho Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. (Round your answers to the nearest whole percent.) 2015 2016 2017 2018 Before Correction % % After Correction % % % % Spotter Corporation reported the following for June in its periodic inventory records. Unit Cost $ 8 Date Description June 1 Beginning 11 Purchase 24 Purchase 30 Ending Units 12 38 2e 24 Total cost $ 96 342 220 11 ek Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO. (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.) Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost