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
