Why is 2017 and 2018 wrong? Very confused, is it not COGS(1616000-29000)?

The income statement for Pruitt Company summarized for a four-year period shows the following: Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (40%) Net income 2016 $ 2,040,000 1,489,000 551,000 479,000 72,000 28,800 $ 43,200 2017 $2,466,000 1,616,000 850,000 511,000 339,000 135,600 $ 203,400 2018 $ 2,713,000 1,778,000 935,000 532,000 403,000 161,200 $ 241,800 2019 $2,985,000 2,095,000 890,000 527,000 363,000 145,200 $ 217,800 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $29,000. The company uses a periodic inventory system. P7-9 Part 1 Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. $ Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (40%) Net income PRUITT COMPANY Income Statement For the Four-Year Period 2016 2017 $ 2,040,000 $ 2,466,000 $ 1,489,000 1,587,000 551,000 879,000 479,000 511,0001 72,000 368,000 28,800 147,200 $ 43,200 $ 220,800 $ 2018 2,713,000 1,807,000 906,000 532,000 374,000 149,600 224,400 2019 2,985,000 2,095,000 890,000 527,000 363,000 145,200 217,800 $ 2016 PRUITT COMPANY Income Statement For the Four-Year Period 2017 $ 2,040,000 $ 2,466,000 1,489,000 1,587,000 X 551,000 879,000 X 497,000 X 511,000 72,000 368,000 X 28,800 147,200 X $ 43,200 $ 220,800 X 2018 $ 2,713,000 $ 1,807,000 906,000 X 532,000 374,000 X 149,600 X $ 224,400 X $ 2019 2,985,000 2,095,000 890,000 527,000 363,000 145,200 217,800