Peaceful Carpets’ books show the following data. In early 2016, auditors found that the ending…

Peaceful Carpets’ books show the following data. In early 2016, auditors found that the ending merchandise inventory for 2013 was understated by $4,000 and that the ending merchandise inventory for 2015 was overstated by $5,000. The ending merchandise inventory at December 31, 2014, was correct.

Requirements

1. Prepare corrected income statements for the three years.

2. State whether each year’s net income—before your corrections—is understated or overstated, and indicate the amount of the understatement or overstatement.

3. Compute the inventory turnover and days’ sales in inventory using the corrected income statements for the three years. (Round all numbers to two decimals.)

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