Cher Exercise 5-17 (Static) Analyzing inventory errors LO A2 Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing 5500.000 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 i that caused its Year 1 ending inventory to appear on its statements as $230,000 rather than the correct $250,000 1. Determine the correct amount of the company's gross profit in each of Year 1. Year 2, and Year 3 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 Year 1 Year 2. and Year 3. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of Year 1 Year 2, and Year 3. VIBRANT COMPANY Comparative Income Statements Year 1 Year 2 Year 3 3 year total Cost of goods sold Cost of goods sold Gross profit 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 Year 1 Year 2. and Year VIBRANT COMPWNY Comparative Income Stainment Yuri Year Yol 1 year total Cost of goods sold Cost of goods sold Gross profit