Partial income statements for Murphy & Murphy (M & Mireported the following summarized amounts: Quarter $200,000 150,00 $ 50,00 Quarter 2 $199,000 Net Sales Cost of Goods Sold Grass Profit Quarter $220,000 155.050 $ 64,950 Outer $225,000 251,040 $ 56,160 $ 39,800 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 Required: te the partial income statements to reflect the correct amounts, after fixing the inventory effot. 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) 100 Complete this question by entering your answers in the tabs below. Required Fred2 Hastate the partial income statements to reflect the correct amounts, after fixing the inventory error MURPHY & MURPHY COMPANY Partial Income Statements (Corrected Quarter 1 Quarter 2 Que Quarter 4 Net Sales Cont of Goods Sold Gronis Prid Required 2 > Partial income statements for Murphy & Murphy (M&M) reported the following summarized amounts Net Sales Cost of Gods sold Gross Profit Quarter & $199,00 113.20 $ 39,000 $200.000 150. 550.000 $220,000 Quarter 5200.000 151,00 $ 56,11 $ 64,95 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 Required: 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 after the correction Does the poster of gross profit percentages lend confidence to your corrected amounts? TIP Gross profit percentage is calculated as (Gross Profe Net Sales) 100 Complete this question by entering your answers in the tabs below. Required Required 2 Compute the gross profit percentage for all our quarters both (a) before the correction and (b) after the correction. Does the pattern of gross profit percentages and confidence to your corrected amounts 11Pro profit percentage is calculated (Gross Profit Net Sales) 100 Cound your answers to the nearest Whole percent Quarter Quarter 2 Oste Before Correction Afer Correction Does the pattern of gross prolt percentages on condence to your corrected amounts?