Restate the partial income statements to reflect the correct amounts after fixing the inventory error.2a Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. 2b Do the results lend confidence to your corrected amounts

Partial income statements for Sherwood Company summarized for a four-year period show the following An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $22,200. The inventory balance on December 31,2020 , was accuiately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each year (0) before the correction and () atter the correction. 2-b. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. Complete this question by entering your answers in the tabs below. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. (Round to the nearest whole percent.) Do the results lend confidence to your corrected amounts