Vibrant Company had $940,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $520,000 in each of those years. It also maintained a $240,000 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 1 that caused its Year 1 ending imventory to appear on its statements as $220,000 rather than the correct $240,000. 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. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. Vbrant Company had \$940,000 of sales in each of Year 1, Year 2, and Year 3, and 2 purchased merchandise costing $520,000 in each of those years. It also maintaned a $240,000 physical inventory from the beginning to the end of that three-year period. In accounting for imventory, it made an orror at the end of Year 1 that calused its Year 1 ending inventory to appear on its statements as $220,000 rather than the correct $240,000 1. Determine the correct amount of the company's gross prodi in each of Year 1. Year 2, and Year 3 2. Propare comparative income statements to show the effoct of this ecror on the company's cost of goods sold and gross profit for enach of Year 1, Year 2. and Yeat 3. Complete this question by entering your answers in the tabs below