Check my work Novajo 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 556.000 and Year 2 ending inventory is overstated by $20,000 For Year Ended December 31 (a) Cost of goods sold (b) Net Income c) Total current assets (d) Total equity Year 1 $ 615,000 230,000 1,255,000 1,387,000 Year 2 5.957,000 285,000 1,365,000 1,530,000 Year 3 $ 780,000 241,000 1,200,000 1,242,000 Required: 1. For each key financial statement figure-(a), (b).(, 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 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. (Amounts to be deducted must be entered with a minus sign) Yeart Yoar 2 Year 3 Cost of goods sold Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Net income Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Total current assets Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected at Complete this question by entering your answers in the tabs below, Required 1 Required 2 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. (Amounts to be deducted must be entered with a minus sign.) 00 Year 1 Year 2 Year 3 Cost of goods sold Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Net Income Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 orror Corrected amount Total current assets: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Equity Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Required 2 > my WUR 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 ending inventory is understated by $56,000 and Year 2 ending inventory is overstated by $20,000 For Year Ended December 31 (a) Cost of goods sold (b) Net Income (c) Totat current assets (d) Total equity Year 1 5 615,000 230,000 1,255,000 1,387,000 Year 2 $957,000 285,000 1,365,000 1,530,000 Year 3 $ 780,000 241,000 1,200.000 1, 242,000 Required: 1. For each key financial statement figure-com .. (a, and () 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? Error in total net income of three years
