Shockley Co. reported the following amounts in its financial statements: Financial Statements for Year Ended December 31. 2022 (a) Cost of goods sold (b) Profit (c) Total current assets 2020 2021 $ 750,000 $ 882,000 $ 805,000 255,000 310,000 266,000 1,225,000 1,335,000 1,357,000 1,500,000 1,170,000 1,302,000 (d) Equity In making the physical counts of inventory, the following errors were made: . Inventory on December 31, 2020: understated $77,000 Inventory on December 31, 2021: overstated $25,000 Required: For each of the preceding financial statement items-(a), (b). (c), and (d)-prepare a schedule similar to the following and shot adjustments that would have been necessary to correct the reported amounts. (Negative answers should be indicated by sign.) Cost of goods sold: 2020 2021 2022 Reported S 750.000 $ 882,000 $ 805,000 Adjustments: Dec. 31, 2020 error