The Statement of Profit or Loss for Galaxy Donuts for a period of 3 years are presented below:

Due to errors, the 2023 ending inventory is overstated by \($3\) 000 and the 2024 ending inventory is understated by \($9\) 000. The 2025 ending inventory is correct.
Required

(a) Correct the inventory values in the Statement of Profit and Loss for 2023, 2024 and 2025.

(b) Determine the correct profit figure for each of the 3 years. Advise if the overall profit figure for the 3-year period will be impacted.

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2023 2024 2025 Net Sales $ 102,000 $117,000 $105,000 Beginning inventory 24,000 21,000 30,000 Net purchases 45,000 54,000 33,000 Goods available for sale 69,000 75,000 63,000 Ending inventory 21,000 30,000 18,000 Cost of sales 48,000 45,000 45,000 Gross profit 54,000 72,000 60,000 Other expenses 24,000 21,000 28,500 Net Profit $ 30,000 $51,000 $31,500