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Vibrant Company had $850,000 of sales in each of three consecutive years 2017-2019, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 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 2017 that caused its year-end 2017 inventory to appear on its statements as $230,000 rather than the correct $250,000 Required: 1. Determine the correct amount of the company's gross profit in each of the years 2017-2019. 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 2017-2019. VIBRANT COMPANY Comparative Income Statements 2018 2017 2019 3-year total GA 0 Cost of goods sold Beginning inventory Cost of purchases Ending Inventory 250.000 500.000 X 750,000 520.000 $ 230.000 500,000 730,000 480,000 $ 250,000 S(250.000) S 250.000 500,000 750,000 500,000 $ 250.000 S(250,000) Cost of goods sold Gross profit 230.000 $(230.000) 730.000 $(730,000)