Novajo Compony's year-end financial statements show the following. The company recently discovered that in moking physical counts of inventory, it hod made the following errors: Year 1 ending inventory is understated by $70,000 ond Year 2 ending inventory is overstated by $40,000 Required: 1. For eoch key financial stotement figure-(o). (b). (c). and (d) obove-prepore o table to show the adjus tments necessary to correct the reported omounts. 2. Whst is the total error in combined net income for the three-yeor period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. For each key financial statement figure- (a),(b), (c), and (d) above-prepare a table to show the adjustinents necestary to correct the reported amounts. (Amounts to be deducted mist be enterfed writh a miries sign.) Navojo Compony's yest-end finoncial stotements show the following. The company recently discovered that in moking physical counts of inventory, it hod mode the following errors: Year 1 ending inventory is understated by $70.000 and Yeor 2 ending inventory is overstated by $40.000 Required: 1. For eoch key finencial stotement figure-(o). (b). (c). and (d) obove-prepore o toble to show the odjustments necessory to correct the reported omounts. 2. Whot is the total error in combined net income for the three-yeor period resulting from the inventoy efrors? Complete this question by entering your answers in the tabs below. What is the total eror in combined net income for the thee-year period resciting from the liventory erron