Exercise 5-17B Estimating ending inventory-gross profit method LO P4 On January 1, JKR Shop had $570,000 of inventory at cost. In the first quarter of the year, it purchased $1710,000 of merchandise. returned $24.300, and paid freight charges of $38,800 on purchased merchandise, terms FOB shipping point. The companys gross profit averages 30%, and the store had $2,120,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter. 570,000 Beginning inventory Net cost of goods purchased Estimated March 31 inventory Vibrant Company had $980.000 of sales in each of three consecutive years 2016-2018 and purchased merchandise coding $500.000 in each of those years, a n d a $280.000 physical inventory from the beginning to the end of that three year period in accounting for inventory made an error at the end of year 2016 that caused year-end 2016 inventory to appear on its statements as $250.000 rather than the correct 5200.000 Required: 1. Determine the corect amount of the company's os prin each of the year 2015-2018 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 Cost of goods sold Required 2 > 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 years 2016-2018. VIBRANT COMPANY Comparative Income Statements 2016 2017 2018 3-year total Cost of goods sold Cost of goods sold Gross profit