Allas Corporation prepared the following two income statements: First Quarter Second Quarter Sales Revenue $ 17,000 $ 20,400 Cost of Goods Sold Beginning Inventory $ 3,400 $ 4,400 Purchases 7,400 12,400 Goods Available for Sale 10,800 16,800 Ending Inventory 4,400 9,400 Cost of Goods Sold 6,400 7,400 Gross Profit 10,600 13,000 Operating Expenses 5,400 6,400 Income from Operations $ 5,200 $ 6,600 During the third quarter, the company’s internal auditors discovered that the ending inventory for the first quarter should have been $4,900. The ending inventory for the second quarter was correct. Required: What effect would the error have on total Income from Operations for the two quarters combined? What effect would the error have on Income from Operations for each of the two quarters? Prepare corrected income statements for each quarter. Ignore income taxes.