Question 4 View Policies Current Attempt in Progress Crane Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Crane Company show the following data. 2021 2020 2019 Income statement: Sales $350,000 $325.000 $360,000 Cost of goods sold 247.000 228.000 273,000 Operating expenses 70,000 70.000 70.000 Balance sheet Merchandise inventory 52.000 44.000 35.000 After its July 31, 2021. year end. Crane discovered two errors: 1 At July 31, 2020. Crane had $10,000 of goods held on consignment at another company that were not included in the physical count. 2. In July 2020. Crane recorded a $15.000 inventory purchase on account that should have been recorded in August 2020. Prepare corrected income statements for Crane for the years ended July 31, 2019 2020 and 2021 Prepare corrected income statements for Crane for the years ended July 31, 2019,2020 and 2021. CRANE COMPANY Income Statement Year Ended July 31 2021 2020 2019 e Textbook and Media Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places es 52.75) 2020 2021 Incorrect inventory turnover times Correct Inventory turnover e Textbook and Media