Partiol income statements for Sherwood Company summarized for a foutyear period show the foloming: An audit fevealed that in determining these amounts, the ending inventory for 2018 was overstated by $20 , 000 . The inventory bolance on December 31, 2019, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fising the inventory crror. 2-a. hompute the gross profit pereentage for each year (e) before the correction and (ti) after the correction. (Round your answers to the nearest whole percent.) on December 31,2019 , was occurately stated. The company uses a periodic inveotory system. Requlred: 1. Restate the partial income statements to refect the correct amounts, after fixing the inventory orror. 2.a. Compute the gross prola percentage for eoch year (a) before the correction and (o) after the correction. (Pound your answers to the nearest whole percent.) 2.b. Do the resuits lend confidence to your corrected amounts? Yes: No.