???????Vibrant Company had $910,000 of sales in each of threeconsecutive years 2016–2018, and it purchased merchandise costing$505,000 in each of those years. It also maintained a $210,000physical inventory from the beginning to the end of that three-yearperiod. In accounting for inventory, it made an error at the end ofyear 2016 that caused its year-end 2016 inventory to appear on itsstatements as $190,000 rather than the correct $210,000.
- Determine the correct amount of the company’s gross profit ineach of the years 2016–2018.
- Prepare comparative income statements to show the effect ofthis error on the company's cost of goods sold and gross profit foreach of the years 2016?2018.
Determine the correct amount of the company's gross profit ineach of the years 2016?2018.
VIBRANT COMPANY | Comparative Income Statements | | 2016 | 2017 | 2018 | 3-year total | | | | | | | | | Cost of goods sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | | | | | | Gross profit | | | | | | | |
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Prepare comparative income statements to show the effect of thiserror on the company's cost of goods sold and gross profit for eachof the years 2016?2018.
VIBRANT COMPANY | Comparative Income Statements | | 2016 | 2017 | 2018 | 3-year total | | | | | | | | | Cost of goods sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | | | | | | Gross profit | | | | | | | |
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