Problem 5-6A Analysis of Inventory errors LO A2 Navajo Company's 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 $60,000, and inventory on December 31, 2018, is overstated by $30,000. points For Year Ended December Skipped $ $ $ (a) Cost of goods sold (b) Net income (a) Total current to assets (d) Total equity 2017 735,000 278,000 1,257,000 1,397,000 2018 965,000 285,000 1,370,000 1,590,000 2019 800,000 260,000 1,240,000 1,255,000 eBook Print Required: 1. For each key financial statement figure-(a), (6), (C, and (d) below--complete the table to show the adjustments necessary to correc the reported amounts. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each key financial statement figure-(a), (), (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.) 2017 2018 2019 Cost of goods sold: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error SO SO SO 12 Corrected amount Net income Problem 5-6A Analysis of Inventory errors LO A2 Navajo Company's 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 $60,000, and Inventory on December 31, 2018, is overstated by $30,000. points Por Year Ended December Skipped $ $ (a) Cost of goods sold (b) Net Income Total current 2017 735,000 278.000 1,257,000 1,397,000 2018 965,000 285,000 1,370,000 1,590,000 $ 800,000 260,000 1,240,000 1,255,000 (e) assets (d) Total equity Required: 1. For each key financial statement figure (a), (6), (4, and (c) below--complete 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? Print References Complete this question by entering your answers in the tabs below. Required 1 Required 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 Required 1