/ibrant Company had $990,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $545,000 ir each of those years. It also maintained a $290,000 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 1 that caused its Year 1 ending inventory to appear on its statements s $270,000 rather than the correct $290,000. 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. 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 Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 415 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 185 units from the March 25 purchase. /ibrant Company had $990,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $545,000 ir each of those years. It also maintained a $290,000 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 1 that caused its Year 1 ending inventory to appear on its statements s $270,000 rather than the correct $290,000. 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. 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 Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 415 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 185 units from the March 25 purchase