Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of Goods Sold: $220,000 $162,000 176,000 Beginning Merchandise Inventory$ 22,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold $ 29,000 90,000 119,000 22,000 46,000 76,000 122,000 29,000 132,000 154,000 Gross Profit Operating Expenses Net Income 122,000 98,000 72,000 $26,000 97,000 65,000 38,000 $ 27,000 93,000 83,000 48,000 S 35,000