! Required information [The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (35%) Net income 2016 $ 2,030,000 1,499,000 531,000 481,000 50,000 17,500 $ 32,500 2017 $ 2,450,000 1,610,000 840,000 497,000 343,000 120,050 $ 222,950 2018 $ 2,714,000 1,770,000 944,000 526,000 418,000 146,300 $ 271,700 2019 $ 2,983,000 2,101,000 882,000 530,000 352,000 123,200 $ 228,800 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $22,000. The company uses a periodic inventory system. 2. Compute the gross profit percentage for each year before the correction and after the correction. (Round your answers to the nearest whole percent.) 2017 2018 2019 Before correction 2016 % % % % % After correction % % %