Navajo Companys financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $68,000, and inventory on December 31, 2018, is overstated by $38,000. Required: 1. For each key financial statement figure(a), (b), (c), and (d) belowcomplete the table to show the adjustments necessary to correct the reported amounts. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors?

Required: 1. For each key financial statement figure(a), (b), (c), and (d) belowcomplete the table to show the adjustments necessary to correct the reported amounts. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors?

That number is for net income in first year $286,000

Problem 5-6A Analysis of inventory errors LO A2 Navajo Company's financlal statements show the following The company recently discovered that in making physical counts of Inventory. It had made the followng errors: Inventory on December 31 2017. is understated by $68.000, and inventory on December 31, 2018, Is overstated by $38.000. For Year Ended December 31 (a) Cost of goods sold bNet income (c) Total current assets d) total equity 2018 $973, e0 293,ee8 , 378 003 ,598,e0 2017 743,ee 285,eea 1,265, eee 14e5 eeu 268.ee0 1,248 ee0 1,263 e09 Requlred: 1. For each key financial statement figure-a (b(. and(d below-complete the table to show the adjustments necessaty to correct the reported amounts! 2 What is the error In total net income for the combined three-year perlod resultling 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) below-complete the table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) 2018 2019 2017 Cost of goods sold Reported amount Adjustments for 12/31/2017 erron 12/31/2018 error s s S Corrected amount 0 Net income Reported amount Adjustments for 12/31/2017 error 12/31/2018 error Corrected amount. Total current assets Reported amount 12/31/2017 error Adustments fo 12/31/2018 error Corrected amount Equity Reported amount Adjustments for 12/31/2017 error 12/91/2018 eror Prev 2. What Is the error In total net income for the combined three-year perlod resulting from the Inventor Complete this question by entering your answers in the tabs below. Requided Required 1 2 What is the error in total net income for the combined three-year period resulting from the inventory errors Error in total net income of three years