Vibrant Company had $970,000 of sales in each of three consecutive years 2016-2018, and it purchased merchandise costing $535,000 in each of those years. It also maintained a $270,000 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 $250,000 rather than the correct $270,000. Required: 1. Determine the correct amount of the company's gross profit in each of the years 2016-2018. 2. Prepare comparaive 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 Required 2 Determine the correct amount of the company's gross profit in each of the years 2016-2018 2016 2017 2018 total Cost of goods sold Cost of goods sold Gross profit Required 2>