P$-$F:$6-31$A Correcting inventory errors over a three$-$year period and computing inventory turnover and days$$ sales in inventory $($Learning Objectives $5,6)$ Empire State Carpets$$ books show the following data. In early $2026,$ auditors found that the ending merchandise inventory for $2023$ was understated by $$8,000$ and that the ending merchandise inventory for $2025$ was overstated by $$9,000.$ The ending merchandise inventory at December $31,2024,$ was correct. The illustration is as follows. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}\backslash$hline & $\backslash$multicolumn$\{2\}\{|$c$|\}\{2025\}$ & $\backslash$multicolumn$\{2\}\{|$c$|\}\{2024\}$ & $\backslash$multicolumn$\{2\}\{|$c$|\}\{2023\}\backslash \backslash \backslash$hline Net Sales Revenue & & $\backslash$$ $220,000$ & & $\backslash$$ $162,000$ & & $\backslash$$ $176,000\backslash \backslash \backslash$hline $\backslash$multicolumn$\{7\}\{|$l$|\}\{$Cost of Goods Sold:$\}\backslash \backslash \backslash$hline Beginning Merchandise Inventory & $\backslash$$ $22,000$ & & $\backslash$$ $29,000$ & & $\backslash$$ $46,000$ & $\backslash \backslash \backslash$hline Plus: Net Cost of Inventory Purchased & $132,000$ & & $90,000$ & & $76,000$ & $\backslash \backslash \backslash$hline Cost of Goods Available for Sale & $154,000$ & & $119,000$ & & $122,000$ & $\backslash \backslash \backslash$hline Less: Ending Merchandise Inventory & $32,000$ & & $22,000$ & & $29,000$ & $\backslash \backslash \backslash$hline Cost of Goods Sold & & $122,000$ & & $97,000$ & & $93,000\backslash \backslash \backslash$hline Gross Profit & & $98,000$ & & $65,000$ & & $83,000\backslash \backslash \backslash$hline Operating Expenses & & $72,000$ & & $38,000$ & & $48,000\backslash \backslash \backslash$hline Net Income & & $\backslash$$ $26,000$ & & $\backslash$$ $27,000$ & & $\backslash$$ $35,000\backslash \backslash \backslash$hline $\backslash$end$\{$tabular$\}$