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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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of the years 2017-2019. VIBRANT COMPANY Comparative Income Statements 2017 2018 2019 Salos S 850,000 $ 650.000 $ 850.000 Cost of goods sold 3.year total $ 2.550,000 Raninin Inventory 250 man 250 000 50 non Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of the years 2017-2019. VIBRANT COMPANY Comparative Income Statements 2017 2018 $ 850,000 S 850 000 2019 Sales Cost of goods sold 3-year total $ 2,550,000 $ 850,000 X X 250,000 250,000 X Beginning inventory Cost of purchases Ending inventory Cost of goods sold Gross profit 250,000 250,000 230,000 $ 20,000 S 830.000 250.000 250,000 230,000 230,000 20,000 $ 830.000 20.000 $ 830.000 60,000 15 2.490.000 Required 2 > Red text indicates no response was expected in a cell or a formula-based calculation incorrecting points deducted Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gros years 2017-2019. VIBRANT COMPANY Comparative Income Statements 2018 2017 2019 3-year total S Cost of goods sold Beginning inventory Cost of purchases Ending inventory s 250,000 500,000 X 750,000 $ 520,000 $ 230,000 $(230,000) 230,000 500,000 730,000 480.000 250,000 500,000 750,000 500,000 250.000 $(250,000) Cost of goods sold Gross profit 250.000 $(250,000) 730.000 5 (730,000)