Question - Vibrant Company had $980,000 of sales in each of three consecutive years 2014-2016, and it purchased merchandise costing $540,000 in each of those years. It also maintained a $280,000 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 2014 that caused its year-end 2014 inventory to appear on its statements as $260,000 rather than the correct $280,000.
Determine the correct amount of the company's gross profit in each of the years 2014-2016.