[The following information applies to the questions displayed below.] Over a four-year period, Jackie Corporation reported the following series of gross profits. 2015 2016 2017 2018 Net sales $57,000 $63,000 $71,000 $87,000 Cost of goods sold 29,900 43,900 25,900 45,900 $32,490 $23,310 $49,700 $40,890 Gross profit In 2018, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $10,710 in 2016. Inventory in all other years is correct Screen Shot 2019-10-10 at 1.20.18 PM A Q Search value: Required ini 10.00 points Required: 1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. Gross Profit Ratio 2015 57% 2016 37 % 2017 70 % 2018 47 % Screen Shot 2019-10-10 at 1.20.25 PM Q Search 2. Calculate the gross profit ratio for each of the four years based on corrected amounts. Gross Profit Ratio 2015 57% 2016 % 2017 47% 2018