Exercise 5-12 Analysis of Inventory errors LO A2 Vibrant Company had $1.090,000 of sales in each of three consecutive years 2016-2018. and it purchased merchandise costing $595.000 in each of those years. It also maintained a $390,000 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 $370.000 rather than the correct $390.000, 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 2016 2017 2018 3-year total Cost of goods sold Cost of goods sold Gross profit Reput Required 2 > Complete this questions by entering your answers in the below tabs. 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. VIBRANT COMPANY Comparative Income Statements 2016 2017 2018 3-year total Cost of goods sold Cost of goods sold Gross profit