(Solved): Flint Inc. reported the following partial statement of income data for the years en ...

Flint Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: The company reported inventory in the statement of financial position at $\$45,500,\$54,300$, and $\$50,800$ at the end of 2022,2023 , and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31,2023 , by $\$7,540$. $15.5\%$.) Prepare correct statements of income for 2023 and 2024 through to gross profit. What is the cumulative effect of the inventory error on total gross profit for these two years? Cumulative effect of the inventory error on total gross profit eTextbook and Media Calculate the gross profit margin for each of these two years, before and after the correction. (Round answers to 1 decimal place, e.g. 15.5\%.)