Vibrant Company had $1,000,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $550,000 in each of those years. It also maintained a $300,000 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 2016 that caused its year-end 2016 inventory to appear on its statements as $280,000 rather than the correct $300,000