Vibrant Company had $1,070,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $585,000 in each of those years. It also maintained a $370,000 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 $350,000 rather than the correct $370,000 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