Accounting

Vibrant Company had $1,050,000 of sales in each of three consecutive years 2012–2014, and it purchased merchandise costing $575,000 in each of those years. It also maintained a $350,000 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 2012 that caused its year-end 2012 inventory to appear on its statements as $330,000 rather than the correct $350,000.   3.value:10.00 points  1.Determine the correct amount of the company’s gross profit in each of the years 2012 – 2014     4.value:10.00 points  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 2012−2014.