Vibrant Company had $$980,000$ of sales in each of Year $1,$ Year $2,$ and Year $3,$ and it purchased merchandise costing $$540,000$ in each of those years. It also maintained a $$280,000$ physical inventory from the beginning to the end of that three$-$year period. In accounting for inventory, it made an error at the end of Year $1$ that caused its Year $1$ ending inventory to appear on its statements as $$260,000$ rather than the correct $$280,000.$

Determine the correct amount of the company's gross profit in each of Year $1,$ Year $2,$ and Year $3.$

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 Year $1,$ Year $2,$ and Year $3.$

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Required $1$

Determine the correct amount of the company's gross profit in each of Year $1,$ Year $2,$ and Year $3.$

$\backslash$table$[[$VIBRANT COMPANY$],[$Comparative Income Statements$],[,$Year $1,$Year $2,$Year $3,3-$year total$],[5,,,5,],[$Cost of goods sold$],[,,,,],[longrightarrow$