Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $1,080,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $590,000 in each of those years. It also maintained a $380,000 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 that caused its year-end 2016 inventory to appear on its statements as $360,000 rather than the correct $380,000. 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 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of the years 2016-2018. VIBRANT COMPANY Comparative Income Statements Dru 4 of 5 Next > Check my w Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of the years 2016-2018. VIBRANT COMPANY Comparative Income Statements 2017 2016 2018 3-year total $ 0 Cost of goods sold ces 0 0 0 0 0 Cost of goods sold Gross profit 0 0 $ 0 S 0 $ 0 $ Required 2 Required 1 Required Prepare comparative Income statements to show the effect of this error on the company's cost of goods sold and gross years 2016-2018. VIBRANT COMPANY Comparative Income Statements 2017 2016 2018 3-year total $ 0 Cost of goods sold 0 0 0 0 0 Cost of goods sold Gross profit 0 0 $ 0 0 0 0 $