Peaceful Carpets's books show the following data:

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In early 2018, auditors found that the ending merchandise inventory for 2015 was understated by $8,000 and that the ending merchandise inventory for 2017 was overstated by $9,000. The ending merchandise inventory at December31, 2016, was correct.

Data Table 2017 2016 2015 Net Sales Revenue $ 216,000 $ 163,000 171,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 18,000 134,000 $ 24,000 95,000 43,000 85,000 Net Cost of Purchases Cost of Goods Available for Sale 152,000 27,000 119,000 18,000 128,000 24,000 Less: Ending Merchandise Inventory Cost of Goods Sold 125,000 101,000 104,000 Gross Profit 91,000 64,000 62,000 34,000 67,000 29,000 Operating Expenses $ 27,000 $ 28,000 $ 38,000 Net Income Print Done Peaceful Curpets's books show the following data: E (Click the icon to view the income statements.) In early 2018, auditors found that the ending merchandise inventory for 2015 was understated by $8,000 and that the ending merchandise inventory for 2017 was overstated by $9,000. The ending merchandise inventory at December 31, 2016, was correct Read the requirements. Peaceful Carpets Income Statement For the Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Ending Merchandise Inventory Overstated by $9,000 Ending Merchandise Inventory Understated by $8,000 Correct Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income Requirement 2. State whether each year's net income-before your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement. Year: Prior to correction net income was 2017 2016 2015 Requirement 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Select the labels and enter the amounts to compute inventory turnover for each year. (Round your answers to two decimal places, X.XX.) Inventory turnover 2017 = times 2016 times 2015 Il times Now select the labels and enter the amounts to compute days' sales in inventory for each year. (Enter all amounts to two decimal places, X.XX.) 2017 Days' sales in inventory days days 2016 = 2015 = days