Vibrant Company had $1,060,000 of sales in each of three consecutive years 20142016, and it purchased merchandise costing $580,000 in each of those years. It also maintained a $360,000 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 2014 inventory to appear on its statements as $340,000 rather than the correct $360,000.

1. Determine the correct amount of the company's gross profit in each of the years 2014-2016. VIBRANT COMPANY Comparative Income Statements 2014 2015 2016 3-year total Cost of goods sold Cost of goods sold Gross profit