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Required information [The following information applies to the questions displayed below] Over a four-year period....

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Accounting

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Required information [The following information applies to the questions displayed below] Over a four-year period. Patterson Corporation reported the following series of gross profits. In 2024, the company performed a comprehensive review of its inventory accounting procedures. Based on this review. company records reveal that ending inventory was understated by $8,160 in 2022 . Inventory in all other years is correct. Required: 1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the neorest whole percent.) Required information [The following information applies to the questions displayed below] Over a four-year period, Patterson Corporation reported the following series of gross profits. In 2024, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $8,160 in 2022 . 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 neorest whole percent.)

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