un Lake Air Carpets's books show the following data. (Click the icon to view the income statements.) In earty 2020, auditors found that the ending merchandise inventory for 2017 was understated by $7,000 and that the ending merchandise inventory for 2019 was overstated by $8,000. The ending merchandise inventory at December 31, 2018, was correct. Read the requirements Income Statement For the Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Ending Merchandise Ending Merchandise Inventory Overstated Inventory Understated by $8.000 Correct by $7,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Lens Ending Merchandise Inventory Cost of Goods Sold Enter any number in the edit fields and then click Check Answer Question als's books show the following data. Data Table 2019 2018 2017 Not Sales Revenue $ 204,000 $ 169,000 $ 178,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 23,000 $ 29,000 47,000 95,000 Net Cost of Purchases 138,000 110,000 Cost of Goods Available for Sale 161 000 139,000 142,000 Less: Ending Merchandise Inventory 31 000 23,000 29,000 Cost of Goods Sold 130,000 1160001 113,000 Gross Profit 74,000 46,000 53,000 23,000 65,000 30,000 Operating Expenses $ 28,000 s 30,000 $ Net Income 35,000 Print Done Clear All Check