Partial income statements for Sherwood Company summarized for a four-year period show the following:

	2015			2016			2017			2018
Net Sales	$	1,700,000		$	2,100,000		$	2,200,000		$	2,700,000
Cost of Goods Sold		1,241,000			1,512,000			1,628,000			1,971,000
Gross Profit	$	459,000		$	588,000		$	572,000		$	729,000

An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $17,000. 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?