PB7.5 (Algo) (Supplement 7B) Analyzing and Interpreting the Effects of Inventory Errors [LO 7.S2] Spears \& Cantrell announced inventory had been overstated by $30 at the end of its second quarter. The error wasn't discovered an corrected in the company's periodic inventory system until after the end of the third quarter. The following table shows the amounts that were originally reported by the company. Required: 1. Restate the income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each quarter (a) before the correction and (b) after the correction. 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Restate the income statements to refiect the correct amounts, after fixing the inventory error. PB7-5 (Algo) (Supplement 7B) Analyzing and Interpreting the Effects of Inventory Errors [LO 7-S2] Spears \& Cantrell announced inventory had been overstated by $30 at the end of its second quarter. The error wasn't discovered and corrected in the company's periodic inventory system unti after the end of the third quarter. The following table shows the amounts that were originally reported by the company. Required: 1. Restate the income statements to reflect the correct amounts, after fixing the inventory error. 2-0. Compute the gross profit percentage for each quarter (a) before the correction and (b) after the correction 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Compute the gross profit percentage for each quarter (a) beforo the correction and (b) after the correction. (Round your answers to the nearest whole percent.)