Vibrant Company had $920,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $510,000 in each of those years. It also maintained a $220,000 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 $200,000 rather than the correct $220,000 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 VIBRANT COMPANY Comparative Income Statements 2016 2017 2018 3-year total Sales $ 920,000 $ 920,000 $920,000 $2,760,000 Cost of goods sold $220,000 510,000 730,000 (200,000) $220,000 510,000 730,000 (200,000) Beginning inventory $220,000 510,000 730,000 (200,000) Cost of purchases Ending inventory Cost of goods sold 530,000 $ 390,000 530,000 $ 390,000 1,590,000 $390,000$ 1,170,000 530,000 Gross profit Required 1 Required 2 Vibrant Company had $920,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $510,000 in each of those years. It also maintained a $220,000 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 $200,000 rather than the correct $220,000 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 1Required 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 VIBRANT COMPANY Comparative Income Statements 2016 2017 2018 3-year total Cost of goods sold Cost of goods sold Gross profit