3 20/20 points awarded Scored eBook Ask Print References Shockley Co. reported the following amounts in its financial statements: (a) Cost of goods sold (b) Profit (c) Total current assets (d) Equity Financial Statements for Year Ended December 31. 2020 $ 705,000 $ 210,000 1,135,000 2021 2022 837,000 $760,000 265,000 221,000 1,245,000 1,080, 0001 1,212,000 1,267,000 1,410,000 In making the physical counts of inventory, the following errors were made Inventory on December 31, 2020: understated $68,000 Inventory on December 31, 2021: overstated $34,000 Required: For each of the preceding financial statement items-(a), (b), (c), and (d)-prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts. (Negative answers should be indicated by a minus sign.) Mc 2020 2021 2022 Cost of goods sold Reported $ 705,000 837,000 $ $ 760,000 Adjustments: Dec. 31, 2020 (68,000) 68,000 error < Prev 3 of 10 Next >