Business, 16.10.2019 06:00 alimfelipe

Vibrant company had $850,000 of sales in each of three consecutive years 2016–2018, and it purchased merchandise costing $500,000 in each of those years. it also maintained a $250,000 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 2016 that caused its year-end 2016 inventory to appear on its statements as $230,000 rather than the correct $250,000. required: 1. determine the correct amount of the company's gross profit in each of the years 2016−2018. 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 2016−2018.

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Vibrant company had $850,000 of sales in each of three consecutive years 2016–2018, and it purchased...

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