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Correct amount of the company gross profit

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Reference no: EM131797000

Vibrant Company had $1,080,000 of sales in each of three consecutive years 2014-2016, and it purchased merchandise costing $590,000 in each of those years. It also maintained a $380,000 physical inventory form the beginning to the end of that three year period. In accounting for inventory, it made an error at the end of year 2014 that caused its year end 2014 inventory to appear on its statements as $360,000 rather than the correct $380,000.

Required:

Determine the correct amount of the company's gross profit in each of the years 2014-2016.

Reference no: EM131797000

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