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PA7-3 (Algo) Calculating and Interpreting the Inventory Turnover Ratio and Days to Sell [LO 7-5] Global Sound was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): Required: 1. Determine the inventory tumover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) PA7-5 (Algo) (Supplement 7B) Analyzing and Interpreting the Effects of Inventory Errors [LO 7-S2] Partial income statements for Sherwood Company summarized for a four-year period show the following: An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $21,000. The inventory balance on December 31,2020 , was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partiol income statements to reflect the correct amounts, ofter fixing the inventory error. 2.-. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. 2-b. Do the results lend confidence to your corrected omounts? Complete this question by entering your answers in the tabs below. Restate the partial income statements to reflect the correct amounts, after noing the inventory error