The following information applies to the questions displayed below Over a four-year period, Jackie Corporation reported the following series of gross profits 2018 2019 2020 2021 $60,000 $66,000 $74,000 $90,000 Cost of goods sold32,000 46,00028,000 48,000 $28,000 $20,000 $46,000 $42,000 Net sales Cross profit In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review company records reveal that ending inventory was understated by $11,000 in 2019. Inventory in all other years is correct. Problem 6-10A Part 1 Required:
1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.) Gross Profit Ratio 2018 2019 2020 2021 The following information applies to the questions displayed below Over a four-year period, Jackie Corporation reported the following series of gross profits 2021 Net sales Cost of goods sold Gross profit $60,000 $66,000 $74,000 $90,000 $28,000 $20,000 46,000 $42,000 In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $11,000 in 2019. Inventory in all other years is correct
2. Calculate the gross profit ratio for each of the four years based on corrected amounts. (Round your answers to the nearest whole percent.) Gross Ratio 2018 2019 2020 2021