LO 5 E6-27A. (Learning Objective 5: Correcting an inventory error) Mighty Sea Marine Supply reported the following comparative Income Statement for the years ended September 30, 20X6 and 20X5: A1 B D Year Ended September 30 20X6 20X5 $ 143,000 $ 120,000 Mighty Sea Marine Supply 1 Income Statements 2 3 Sales revenue 4 Cost of goods sold: 5 Beginning inventory 6 Net purchases 7 Cost of goods available 8 Ending inventory 9 Cost of goods sold 10 Gross profit 11 Operating expenses 12 Net income 13 $ 14,500 74,000 88,500 (19,000) $ 9,000 67,000 76,000 (14,500) 61,500 58,500 24,000 $ 34,500 69,500 73,500 28,000 $ 45,500 Inventory and Merchandising Operations 365 Mighty Sea's president and shareholders are thrilled by the company's boost in sales and net income during 20X6. Then the accountants for the company discover that ending 20X5 inventory was understated by $7,500. Prepare the corrected comparative Income Statement for the two-year period, complete with a heading for the statement. How well did Mighty Sea really perform in 20X6, as compared with 20X5