Partial income statements for Sherwood Company summarized for a four-year period show the following 2015 2016 2017 2018 Net Sales Cost of Goods Sold Gross Profit $1,200,000 1,600,000 $1,700,000 $2,200,000 936,0001,2321000 1,343,0001401000- $ 264,000 368,000 357,000 484,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $12,000. 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