### Ringo company had 900000 of sales in each of three

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Ringo Company had \$900,000 of sales in each of three consecutive years 2010 - 2012, and it purchased merchandise costing \$500,000 in each of those years. It also maintained a \$200,000 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 2010 that caused its year-end 2010 inventory to appear on its statements as \$180,000 rather than the correct \$200,000. 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 2010?2012.

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