Answer:
1. Gross Profit ratio 
2018	47% 
2019	30% 
2020	62% 
2021	47%	
2. Gross Profit ratio 
2018	47% 
2019	47% 
2020	47% 
2021	47% 
Explanation:
1. Calculation for the gross profit ratio for each of the four years based on amounts originally reported.
2018	2019	2020	2021 
Net sales $60,000 $66,000 $74,000 $90,000
Less Cost of goods sold $32,000 $46,000 $28,000 $48,000 
=Gross profit$ 28,000 $20,000 $46,000 $42,000
Gross Profit ratio 
2018	47%	=$28,000/$60,000	
2019	30%	=$20,000/$66,000	
2020	62%	=$46,000/$74,000	
2021	47%	=$42,000/$90,000	
2. Calculation for the gross profit ratio for each of the four years based on corrected amounts. 
Cost of goods sold 2019=$46,000-$11,000	
Cost of goods sold 2019=$35,000
Cost of goods sold 2020=$28,000+$11,000
Cost of goods sold 2020=$39,000
 
2018	2019	2020	2021
Net sales $60,000 $66,000 $74,000 $90,000
Less Cost of goods sold $32,000 $35,000 $39,000 $48,000 
=Gross profit $28,000 $31,000 $35,000 $42,000
Gross Profit ratio 
2018	47%	=$28,000/$60,000	
2019	47%	=$31,000/$66,000	
2020	47%	=$35,000/$74,000	
2021	47%	=$42,000/$90,000