Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. 3 points Product Helmets Bats Shoes Uniforms Units Cost per Unit $ 59 Market per Unit $ 63 Skipped 31 24 113 81 45 49 104 100 45 45 eBook Compute the lower of cost or market for ending inventory applied separately to each product Per Unit Total Hint LCM Applied to Items Inventory Items Units Cost Market Cost Market Print Helmets 31 S 59 63 Bats 24 113 81 Shoes 104 100 45 References Uniforms 40 45 45 S S 0 9 Seved Help S 5 Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $1,010,000 of sales in each of three consecutive years 2016-2018, and it purchased merchendise costing $555,000 in each of those years. It also maintained a $310,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2016 thet caused its year-end 2016 inventory to appear on its statements as $290,000 rather than the correct $310,000. 4 points Skipped Required: 1. Determine the correct amount of the company's gross profit in each of the years 2016-2018 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of the years 2016-2018. eBook ete this questions by entering your answers in the below tabs. Hint Pront Required 1 Required 2 Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of the years 2016-2018. Roferences VIBRANT COMPANY Comparative Income Statements 3-year total 2016 2017 2018 Cost of goods sold 0 0 0 0 Cost of goods sold 0 Gross profit LO