Vibrant Company had $1050000 of sales in each of three consecutive years 2012201

Vibrant Company had $1050000 of sales in each of three consecutive years 20122014 and it purchased merchandise costing $575000 in each of those years. It also maintained a $350000 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 $330000 rather than the correct $350000.Determine the correct amount of the companys gross profit in each of the years 2012 2014Prepare comparative income statements to show the effect of this error on the companys cost of goods sold and gross profit for each of the years 20122014.