Vibrant Company had $1,060,000 of sales in each of three consecutive years 2016-2018, 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 2016 that caused its year-end 2016 inventory to appear on its statements as $340,000 rather than the correct $360,000 Required: 1. Determine the correct amount of the company's gross profit in each of the years 2016-2018. 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 2016-2018. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of the years 2016-2018. Determine the correct amount of the company's gross profit in each of the years 2016-2018. VIBRANT COMPANY Comparative Income Statements 2016 2018 2017 3-year total Sales $ 0 Cost of goods sold Beginning inventory Cost of purchases Goods available for sale Ending inventory Cost of goods sold Gross profit 0 0 0 0 0 0 0 0 0 0 $ 0 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 2016-2018. VIBRANT COMPANY Comparative Income Statements 2016 2017 2018 3-year total $ 0 Cost of goods sold 0 0 0 0 0 0 Cost of goods sold Gross profit 0 0 0 0