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: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $27,000. The company uses a periodic inventory system. Compute the gross profit percentage for each year before the correction and after the correction. lote: Round your answers to the nearest whole percent. 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. 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: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $27,000. The company uses a periodic inventory system. 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: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $27,000. The company uses a periodic inventory system. What effect would the error have had on the income tax expense assuming a 30 percent average rate