7 58 ints Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $65,000 and Year 2 ending inventory is overstated by $35,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income $ 740,000 Year 1 Year 2 $970,000 Year 3 $ 805,000 283,000 1,262,000 1,402,000 290,000 1,375,000 1,595,000 265,000 1,245,000 1,260,000 (c) Total current assets eBook (d) Total equity Print Required: References 1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the total error in combined net income for the three-year period resulting from the inventory errors?