Saved Help Save & Exit Subn Check my work Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $850,000 of sales in each of three consecutive years 2017-2019, 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 three-year period. In accounting for inventory, it made an error at the end of year 2017 that caused its year-end 2017 inventory to appear on its statements as $230,000 rather than the correct $250,000 Required: 1. Determine the correct amount of the company's gross profit in each of the years 2017-2019. 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 2017-2019. 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 the years 2017-2019. VIRRANT COMPANY ( ENG O search DI lije Required 1 Required 2 Determine the correct amount of the company's gross profit in each of the years 2017-2019. VIBRANT COMPANY Comparative Income Statements 2017 2018 2019 3-year total $ Cost of goods sold 0 0 0 0 0 Cost of goods sold Gross profit $ 0 $ 0 $ 0 Required Required 2 > to search o Check my work 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 the years 2017-2019. VIBRANT COMPANY Comparative Income Statements 2017 2018 2019 3-year total $ 0 Cost of goods sold 0 0 0 0 0 0 0 Cost of goods sold Gross profit 0 $ 0 $ 0 $ 0 ENG 5:18 AM 7/10/2020 e to search