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Partial income statements for Sherwood Company summarized for a four-year period show the following: 2018 2019 2020 2021 Net Sales $ 2,100,000 $ 2,500,000 $ 2,600,000 $ 3,100,000 Cost of Goods Sold 1,428,000 1,675,000 1,794,000 2,108,000 Gross Profit $ 672,000 $ 825,000 $ 806,000 $ 992,000 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $20,400. 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 (6) 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. Reg 1 Reg 2A Reg 28 Restate the partial income statements to reflect the correct amounts, after fixing the inventory error SHERWOOD COMPANY Income Statements (Corrected) 2018 2019 2020 2021 Net Sales Cost of Goods Sold Gross Profit An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $20,400. The inventor 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? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 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 Before Correction % After Correction % 2020 2021 % % % 1. Restate the partial income statements to reflect the correct amounts, after fixing the 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Do the results lend confidence to your corrected amounts? Yes No