Exercise 5-12 Analysis of Inventory errors LO A2 Vibrant Company had $1,030,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $565,000 in each o those years. It also maintained a $330,000 physical nventory 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 that caused its year-end 2016 invertery to appear on its statements as $310,000 rather than the 330,000 Required 1. Determine the cormect amount of the company's gross profit in each of the years 2016-2018 2. Prepare comparative income statements to show the eflect of this error on the company's cost of goods sold and gross prott for each of the years 2016-2018 Complete this questions by entering your answers in the below tabs Required 1 Required 2 Determine the cormect amount of the company's gross profit in each of the years 2016-2018. VIBRANT COMPANY Comparative incone Statamans 2018 3-year total Cost of goods sold Cost of goods sold Gross proft Required 1