6 1.53 points Sipped Check my work Problem 5-38 (Algo) Effects of inventory errors LO 5-9 Following are condensed income statements for Uncle Bill's Home Improvement Center for the years ended December 31, 2023 and 2022: Sales 2023 $432,960 2022 $418,880 Cost of goods sold (323,680) (200,320) Gross profit $109,200 $130,560 Operating expenses ellook Net income (ignoring income taxes) (82,960) 26,320 (75,760) 54,900 Print Mc Graw Hill Uncle Bill was concerned about the operating results for 2023 and asked his recently hired accountant, "If sales increased in 2023, why was net income so much less than what it was in 2022?" In February of 2024, Uncle Bill got his answer: "The ending inventory reported in 2022 was overstated by $18,800 for merchandise that we were holding on consignment on behalf of Kirk's Servistar. We still keep some of their appliances in stock, but the value of these items was not included in the 2023 inventory count because we don't own them." Required: a. Recast the 2022 and 2023 income statements to take into account the correction of the 2022 ending Inventory error. b. 1. Calculate the combined net income for 2022 and 2023 before and after the correction of the error 2. The error was corrected in 2023 before it was actually discovered in 2024. c. Is there any effect on net income and stockholders' equity in 2024 due to the error? er 05 - Homework opped Print equirea: Saved Help Save & Exit Submit Check my work a. Recast the 2022 and 2023 income statements to take into account the correction of the 2022 ending inventory error. b. 1. Calculate the combined net income for 2022 and 2023 before and after the correction of the error. 2. The error was corrected in 2023 before it was actually discovered in 2024. c. Is there any effect on net income and stockholders' equity in 2024 due to the error? Complete this question by entering your answers in the tabs below. Req A Req B1 Req 82 and C b2. The error was corrected in 2023 before it was actually discovered in 2024. c. Is there any effect on net income and stockholders' equity in 2024 due to the error? References b2 a Req B1 Chapter 05-Homework 6 1.53 points equired: Saved Help Save & Exit Submit Check my work a. Recast the 2022 and 2023 income statements to take into account the correction of the 2022 ending inventory error. b. 1. Calculate the combined net income for 2022 and 2023 before and after the correction of the error. 2. The error was corrected in 2023 before it was actually discovered in 2024. c. Is there any effect on net income and stockholders' equity in 2024 due to the error? Complete this question by entering your answers in the tabs below. Req A Prim Mc Graw Hill Req 82 and C Calculate the combined net income for 2022 and 2023 before and after the correction of the error Combined Net Income Before comection of error After correction of amor- Total 2023 2022 pter US-Homework 6 equired: Help Save & Exit Submit a. Recast the 2022 and 2023 Income statements to take into account the correction of the 2022 ending Inventory error. b. 1. Calculate the combined net income for 2022 and 2023 before and after the correction of the error. 2. The error was corrected in 2023 before it was actually discovered in 2024. c. Is there any effect on net income and stockholders' equity in 2024 due to the error? 1.53 points Sipped Complete this question by entering your answers in the tabs below. Req A Req B1 Req 82 and C Book Prim Recast the 2022 and 2023 income statements to take into account the correction of the 2022 ending inventory error. References Sales 2023 2022 $ 432,960 $ 416,880 Cost of goods sold Gross profit Mc Graw Hill Operating expenses Net income (ignoring income taxes) Req81> Check my work