Ch 6 Homework i Saved 10 Shockley Co. reported the following amounts in its financial statements: Financial Statements for Year Ended December 31. 20 points eBook (a) Cost of goods sold (b) Profit (c) Total current assets (d) Equity 2020 2021 2022 $ 695,000 $ 827,000 $ 200,000 255,000 1,115,000 1,225,000 1,247,000 1,390,000 750,000 211,000 1,060,000 1,192,000 Ask In making the physical counts of inventory, the following errors were made: Print References Inventory on December 31, 2020: understated $66,000 Inventory on December 31, 2021: overstated $36,000 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.) a. Cost of goods sold: Reported Adjustments: Dec. 31, 2020 error Dec. 31, 2021 error Corrected 2020 2021 2022 $ 695,000 $ 827,000 $ 750,000 Help Save & Exit S Check my v