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

An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $23,800. 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? Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{4}{|c|}{ SHERWOOD COMPANY } \\ \hline \multicolumn{4}{|c|}{ Income Statements (Corrected) } \\ \hline & 2018 & 2019 & 2020 & 2021 \\ \hline Net Sales & & & & \\ \hline Cost of Goods Sold & & & & \\ \hline Gross Profit & & & & \\ \hline \end{tabular} 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.) Do the results lend confidence to your corrected amounts? Yes