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@ ezto.mheducation.com = M Question 2 - Chapter 7 Homework - Connect Chapter 7 Homework @) Saved Help Save & Exit Submit == 2 Dallas Corporation prepared the following two income statements: First Quarter Second Quarter Sales Revenue $ 19,000 $ 22,800 5 Cost of Goods Sold points Beginning Inventory $ 3,800 $ 4,800 Purchases 7,800 12,800 Goods Available for Sale 11,600 17,600 Ending Inventory 4,800 9,800 g Cost of Goods Sold 6,800 7,800 eBook Gross Profit 12,200 15,000 Operating Expenses 5,800 6,800 @ Income from Operations $ 6,400 $ 8,200 Hint During the third quarter, the company's internal auditors discovered that the ending inventory for the first quarter should have been $5,500. The ending inventory for the second quarter was correct. Ask Required: & 1. What effect would the error have on total Income from Operations for the two quarters combined? Print 2. What effect would the error have on Income from Operations for each of the two quarters? 3. Prepare corrected income statements for each quarter. Ignore income taxes. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What effect would the error have on total Income from Operations for the two quarters combined? Two Quarters Combined No Effect $ 14,600 @