Exercise Algo Analyzing inventory errors LO A
Vibrant Company had $ of sales in each of Year Year and Year and it purchased merchandise costing $ in each of those years. It also maintained a $ 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 that caused its Year ending inventory to appear on its statements as $ rather than the correct $
Determine the correct amount of the company's gross profit in each of Year Year and Year
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 Year and Year
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Required
Determine the correct amount of the company's gross profit in each of Year Year and Year
VIBRANT COMPANY
Comparative Income Statements
tableComparative Income StatementsYear Year Year year totalSales$
