Homework: Week 4 - Chapter 06 prob en on Next Question Save score: 0 of 1 pt 3 of 6 (0 complete) HW Score : O%, 0 of 6 pts P6-31A (similar to) Question Help Peaceful Carpets's books show the following data EEE (Click the icon to view the income statements,) In early 2018, auditors found that the ending merchandise inventory for 2015 was understated by $7,000 and that the ending merchandise inventory for 2017 was overstated by $8,000. The ending merchandise inventory at December 31, 2016, was correct Read the requirements Requirement 1. Prepare corrected income statements for the three years. Peaceful Carpets Income Statement For the Years Ended December 31, 2017, 2016, and 2015 2015 Ending Merchandise Inventory Understated by $7,000 2016 2017 Ending Merchandise Inventory Overstated by $8,000 Correct Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income