Vibrant Company had $850,000 of sales in each of three consecutive years 2017-2019, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 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 2017 that caused its year-end 2017 inventory to appear on its statements as $230,000 rather than the correct $250,000. Required: 1. Determine the correct amount of the company's gross profit in each of the years 2017-2019. 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 2017-2019. Complete this question by entering your answers in the tabs below. Required 1 Required 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 2017-2019. Sales Cost of goods sold $ Beginning inventory 250,000 Cost of purchases Goods available for 250,000 sale Ending inventory 230,000 Cost of goods sold Gross profit VIBRANT COMPANY Comparative Income Statements 2017 $ 850,000 230,000 2018 $ 850,000 $ 250,000 2019 3-year total $ 850,000 $ 2,550,000 230,000 250,000 250,000 250,000 20,000 -20,000 0 $ 830,000 $ 830,000 $850,000 < Required 1 Required 2 > 0 $ 2,550,000