View Policies Show Attempt History Current Attempt in Progress Cullumber Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Cullumber Compa the following data: 2021 2020 2019 Income statement: Sales Cost of goods sold Operating expenses Balance sheet: Merchandise inventory $350,000 245,000 70,000 $325,000 230,000 70,000 $360,000 275,000 70,000 54,000 46,000 35,000 After its July 31, 2021, year end, Cullumber discovered two errors: 1. At July 31, 2020, Cullumber had $10,000 of goods held on consignment at another company that were not includ physical count In July 2020. Cullumber recorded a $15,000 inventory purchase on account that should have been recorded in Au 2020. 2 Your answer is partially correct Your answer is partially correct. Prepare corrected income statements for Cullumber for the years ended July 31, 2019,2020, and 2021. CULLUMBER COMPANY Income Statement Year Ended July 31 2020 2021 2019 Sales HA 350000 $ 325000 360000 Cost of Goods Sold 275000 Gross Profit 85000 Operating Expenses 70000 70000 70000 Profit/(Loss) $ $ e Textbook and Media e Textbook and Media Your answer is incorrect Calculate the incorrect and correct inventory turnover ratios for 2020 and 2021. (Round answers to 2 decimal places, eg. 52.75. 2020 2021 Incorrect inventory turnover times times Correct inventory turnover times times e Textbook and Media