Restate the partial income statement to reflect the correct amounts, after fixing the inventory error.

Partial income statements for Murphy & Murphy (M & M) reported the following summarized amounts Quarter Quarter arter $80,800$79,80 $100,00 $88,800 161785656, 320 Quarter 3 Net Sales Cost of Goods Sold 52,80055,300 Gross Profit $28,000 $23,7 $38,950 $31,680 ook After these amounts were reported, M & M's accountant determined the inventory at the end of Quarter 2 was understated by $3,950. The inventory balance at the end of the other three quarters was accurately stated Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. int 2. Compute the gross profit percentage for all four quarters both (aj before the correction and (b) after the correction. Does the pattern of gross profit percentages lend confidence to your corrected amounts? TIP: Gross profit percentage is caiculated as (Gross Profit + Net Sales) x 100. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Restate the partial income statements to reflect the correct amounts, after fixing the inventory error MURPHY&MURPHY COMPANY Partial Income Statements (Corrected Quarter 1 Quarter 2 Quarter 3 Quarter 4 Net Sales Cost of Goods Sold Gross Profit