What did i do wrong

Vibrant Company had 3850.000 of sales in each of three consecutive years 20162013. 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 threeyear period. In accounting for inventory. it made an error at the end of year 2016 that caused its yearend 2016 inventory to appear on its statements as $230,000 rather than the correct $250,000. Required: 1. Determine the correct amount ofthe company's gross prot in each of the years 20162018. 2. Prepare comparative income statements to show the effect ofthis error on the company's cost of goods sold and gross profit for each ofthe years 2016-2018. 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 prot for each of the Years 20162018. Sales 0 5 350,000 0 5 350,000 5 350,000 5 2,550,000 Cost 01 goods sold Beginning inventory 0 5250,000 a 5230,000 a $250,000 0 Cost of purchases 0 50,000 a 50,000 50,000 Ending inventory 0 300,000 280,000 300,000 Cost of purchases a 230,000 0 25,000 a 26,000 9 Cost of goods sold 70,000 255,000 274,000 599,000 Gross profit 5 780,000 5 595,000 0 575,000 5 1.951000 Required 1 Required 2 Determine the correct amount of the company's gross prot in each of the years 20162018. Sales 9 3 1350,0009 3 350,000 5 350,000 3 2,550,000 Cost of goods sold Beginning inventory 9 5250,000 9 $250,000 $250,000 Cost of purchases 9 500,000 9 500,000 500,000 Ending inventory a 750,000 "(50,000 750,000 Beginning inventory a 230,000 0 230,000 230,000 Cost of goods sold 520,000 520,000 520,000 1,560,000 Gross prot 3 330,000 3 330,000 3 330,000 3 000,000