P7-5 Analyzing and Interpreting the Effects of Inventory Errors LO7-5 The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands of dollars): Sales revenue Cost of sales 2021 $3,325 2,155 2020 2019 $3,750 2,277 $ 4,000 2018 $ 4,275 2,432 2,763 Gross profit 1,170 1,473 1,568 1,512 Operating expenses 620 643 668 672 Pretax earnings 550 830 900 840 Income tax expense (30%) 165 249 270 252 Net earnings $ 385 $ 581 $ 630 $ 588 An audit revealed that in determining these amounts, the ending inventory for 2019 was understated by $48 Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the final answers to the nearest dollar amount.) Sales revenue Cost of sales Gross profit Operating expenses Pretax eamings Income tax expense Net earnings PRUITT COMPANY Corrected Statement of Earnings 2021 2020 2019 2018 L