Required: 1. Determine the correct amount of the company's gross profit in each of the years 2014-2016. VIBRANT COMPANY Comparative Income Statements 2015 2016 3-year total Cost of goods sold IT Cost of goods sold Gross profit Required Information The following information applies to the questions displayed below] Vibrant Company had 5910,000 of sales in each of three consecutive years 2014-2016, and it purchased merchandise costing $505,000 in each of those years. It also maintained a $210,000 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 2014 that caused its year-end 20% inventory to appear on its statements as $190,000 rather than the correct $210,000. 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 2014-2016. VIBRANT COMPANY Comparative Income Statements 2014 2015 3-year total Cost of goods sold Cost of goods sold Gross profit