Correcting an inventory errortwo years Nature Foods Grocery reported the following comparative income statements for the years ended June 30, 2019 and 2018: During 2019, Nature Foods Grocery discovered that ending 2018 merchandise inventory was overstated by $5,500. Requirements 1. Prepare corrected income statements for the two years. 2. State whether each years net incomebefore your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement.
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