Exercise 5-17 (Algo) Analyzing inventory errors LO A2 Vibrant Company had $1,080,000 of sales in each of Year 1, Year 2, and Yeat 3, and it purchased merehand se costing $590,000 in each of those years. It also maintained a $380,000 physical inventory from the beginning to the end of that three-year period, in accounting for inventory, it made an enior at the end of Year t that caused its Year t ending inventory to appear on its statements as $360,000 rather than the correct $380,000. 1. Detemmine the correct amount of the company's gross profit in each of Yeer 1, Year Z, 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. Determine the correct amount of the company's gross proft in each of Year 1, Year 2 , and Year 3