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Requirements 1. Prepare corrected income statements for the three years. 2. State whether each year's net income-before your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement. 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Data Table 2025 2024 2023 $ 209,000 $ 166,000 $ 172,000 $ 14,000 S 38,000 $ 20,000 100,000 136,000 87,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandiso Inventory Cost of Goods Sold Gross Profit Operating Expenses 150,000 26,000 120,000 14,000 125,000 20,000 124,000 106,000 105,000 85,000 58,000 60,000 35,000 67.000 35,000 Net Income $ 27,000 S 25,000 $ 32,000 Plush River Carpets' books show the following data Click the loon to view the income statement In early 2026, adors found that the ending merchandise Inventory for 2023 we understated by $1.000 and that the ending merchandise nentory of 2025 es verstood by 8.000 The ending ruthandoverty December 31, 2004 was come Read the 2023 Ending Merchandise Inventory Understated by 14.000 Requirement 1. Prepare corrected income statements for the years Plush Hiver Carpet Become Statement For the Year Ended December 31, 2025, 2024 and 2073 2004 Ending Merchandise Inventory Overstated by $5.000 Correct Nave Cost of Goods Bol Degre Merchand Inventory Neout inventory Path Cofnod Availee Lors de Merchandiery Code Crown Proti Operating pero Income MINI Requirement 2. State whether each year's net income before your corrections understated or overstated, and indicate the amount of the understatement or vestment Prior to correction net income was Year 2025 2024 2023 Requirement. Compute the inventory tumover and days' sales in inventory using the corrected income statement for the three years (Round all numbers to two decimal Select the labels and enter the amounts to computo inventory tumover for each year (Round your answer to decimal places. XXX) Inventory tumover 2025 times 2024 times 2023 times Now select the labels and enter the amounts to compute days' sales in Inventory for each year (Enter amounts to two decimal places, XXX) Days sales in inventory 2025 days 2024 days 2023 days