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Help Partial income statements for Sherwood Company summarized for a four year period show the following 2018 2019 Net Sales 23 $1,550,000 32,050,000 Cont of Good Sold 33.. $3,550, 1,711,00 1,619.000 3.500 Gros Profit 5.1.645,50 Anot revealed that in determining these amounts the ending inventory for 2019 was overstated by $22.200 The inventory balance on December 31 2020, was accurately stated. The company uses a periodic vertory system Required: 1. Restate the partial income statements to reflect the correct amounts, after on the inventory error 2. Compute the gross prot percentage for each year before the correction and after the correction 2b. Do the results tend confidence to your corrected amounts? Complete this question by entering your answers in the tale below H2 20 Hestate the partneme samants to the correctament after thing the memory SHERWOOD COMPANY Cut g) Complete this question by entering your answers in the tabs below. Rea 1 Reg 2A Req 28 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.) 2018 2019 2020 2021 Before Correction After Correction % C Reg 1 Req 28 ) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 28 Do the results lend confidence to your corrected amounts? OYes No