Required information P7-6 (Algo) Analyzing and Interpreting the Effects of Inventory Errors L07-5 [The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $30,000. The company uses a periodic inventory system. P7-6 Part 1 Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error