Simon Granite & Stone Corporation reported the following comparative income statements for the years ended September 30, 2021 and 2020: 

Simon’s president and shareholders are thrilled by the company’s boost in sales and net income during 2021. Then the accountants for the company discover that ending 2020 inventory was understated by $6,000. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Simon really perform in 2021 as compared with 2020?

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123 2 A1 56780567 Simon Granite & Stone Corporation Income Statements For the Years Ended September 30, 2021 and 2020 3 Sales revenue 4 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold 9 10 Gross profit 11 Operating expenses 12 Net income 13 2021 $ 13,000 78,000 91,000 (16,000) $ 140,000 75,000 65,000 29,000 $ 36,000 2020 $ 12,000 74,000 86,000 (13,000) $ 121,000 73,000 48,000 19,000 $ 29,000