Save & Exit Help Saved r 7 Homework indicate completion. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not in Return to que Partial income statements for Sherwood Company summarized for a four-year period show the following: 2018 2017 2015 2016 $2,800,000 2,016,000 $2,300,000 1,679,000 $1,800,000 1,296,000 $2,200,000 Net Sales 1,562,000 Cost of Goods Sold 784,000 $ 621,000 S 504,000 638.000 Gross Profit ermining these amounts, the ending inventory for 2016 was overstated by $18,000. The inventory balar An audit revealed that on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. Next 4 of 4