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(The following information applies to the questions displayed below. The income statement for Pruitt Company...

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(The following information applies to the questions displayed below. The income statement for Pruitt Company summarized for a four-year period shows the following: 2016 2017 2018 2019 Sales revenue Cost of goods sold Gross profit $2,034,000 $2,470,000 $ 2.702,000 $ 2,979,000 2,096,000 883,000 532,000 351,000 122,850 38,350 $227,500 $227,500 228,150 1.494,000 1,609,000 1,774,000 540,000 481,000 59,000 20,650 861,000 511,000 350,000 122,500 928,000 537000 391,000 136,850 Pretax income Income tax expense (35%) Net income An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $16,000. The company uses a periodic inventory system

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