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2017 The Compared the long companive commentator wys ended June 30 2016, and 2017 the constant Pages prestard shared by the company book in and arome during 2018 The Social 2017 ... Data Table Per N comecent compara constater for the year period ning Tile & Murti Corporation Flamingo Te & Martie Corporation contements Conec Income Vans End June 10, 2018 and 2017 For the Year Ended June 2011 na 2017 2018 2013 165000 12000 S 181000 138000 Com Cast of goods 11000 Beggary $ 14500 ST1000 20.000 90000 70.000 North Cost of good 1000 Costo del 0.00 1.000 19500 Ending on Ending 10.00 71.000 Cost of good Cost of Groep 70.000 57 30.000 Gewing Org 15.000 Net Print Dono Hamingo Tee & Marble Corporation reported the following comparative income statements for the years ended June 30, 2018, and 2017: (Click the icon to view the comparative income statement.) Flamingo's president and shareholders are thrilled by the company's boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 inventory was understated by $7,500. Read the requirement Prepare the corrected comparative Income statement for the 2-year period. Flamingo Tile & Marble Corporation Income Statements (Corrected) Years Ended June 30, 2018 and 2017 2018 2017 141000 124000 Sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods available Ending inventory 11000 70000 81000 19500 Data Table For the Years Ended June 30, 2018 and 2017 2018 2017 $ 141,000 $ 124,000 $ 14,500 76,000 $ 11,000 70,000 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit 90,500 (19,500) 81,000 (14,500) 71,000 66,500 70,000 30,000 57,500 24,000 Operating expenses Net income $ 40,000 $ 33,500 Print Done