Required information P7.6 (Algo) Analyzing and Interpreting the Effects of Inventory Errors LO7.5 [The following information opplies to the questions displayed beiow] The income statement for Pruitt Compeny summarized for a four year period shows the following: An sudit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $23,000. 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