Partial Income statements for Murphy& Murphy (M & M) reported the following summarized amounts: Quarter 1 $200,000 140,000 S 60,000 Quarter 4 $208,000 141,440 S 66,560 uarter uarter $220,000 Net Sales Cost of Goods Sold Gross Profit $199,000 $ 49,750 75,950 After these amounts were reported, M & M's accountant determined the Inventory at the end of Quarter 2 was understated by $9,950. The Inventory balance at the end of the other three quarters was accurately stated. Requlred 1. Restate the partial Income statements to reflect the correct amounts, after fixing the Inventory error. 2. Compute the gross profit percentage for all four quarters both (a) before the correction and (b) after the correction. Does the pattern of gross profit percentages lend confidence to your corrected amounts? TIP: Gross profit percentage Is calculated as (Gross Profit Net Sales) x 100. Complete this question by entering your answers in the tabs below Required 1Required 2 Restate the partial income statements to reflect the correct amounts, after fixing the inventory error MURPHY& MURPHY COMPANY Partial Income Statements (Corrected) Quarter1 Quarter 2 Quarter 3 Quarter 4 Net Sales Cost of Goods Sold Gross Profit Required 1 Required 2 Compute the gross profit percentage for all four quarters both (a) before the correction and (b) after the correction. Does the pattern of gross profit percentages lend confidence to your corrected amounts? TIP: Gross profit percentage is calculated as (Gross Profit Net Sales) x 100. (Round your answers to the nearest whole percent.) Quarter 1 Quarter 2 Quarter 3 Quarter 4 Before Correction After Correction Doesthepa em of gross profit percentages 96 96 doontoence to your core edanounts