! Required information Problem 6-10A (Algo) Correct

Required information Problem 6-10A (Algo) Correct inventory understatement and calculate gross profit ratio (LO6-7, 6-9) [The following information applies to the questions displayed below.] Over a four-year period, Custard Corporation reported the following series of gross profits. In 2024 , the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $8,840 in 2022 . Inventory in all other years is correct. Problem 6-10A (Algo) Part 1 Required: 1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.) 2. Calculate the gross profit ratio for each of the four years based on corrected amounts. (Round your answers to the nearest whole percent.)