Exercise 5-12 Analysis of inventory errors LO A2 (The following information applies to the questions displayed below.) Vibrant Company had $850,000 of sales in each of three consecutive years 2014-2016, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 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 2014 that caused its year-end 2014 inventory to appear on its statements as $230,000 rather than the correct $250,000. References Section Break Exercise 5-12 Analysis of inventory errors LO A2 10. value: 2.40 points Exercise 5-12 Part 1 Required: 1. Determine the correct amount of the company's gross profit in each of the years 2014-2016. VIBRANT COMPANY Comparative Income Statements 2014 2015 2016 3-year total Cost of goods sold