Fireplace Company reported the following amounts in its financial statements:

In making the physical counts of inventory, the following errors were made:

? Inventory on December 31, 2020: overstated $8,100

? Inventory on December 31, 2021: understated $10,800

Required

For each of the preceding financial statement items?(a), (b), (c), and (d)?prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts.

Analysis Component: What is the error in the aggregate profit for the three-year period that resulted from the inventory errors?

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Financial Statements for Year Ended December 31 2021 2022 2020 (a) Cost of goods sold. (b) Profit. (c) Total current assets. $ 98,015 91,955 131,475 168,000 $102,600 $106,400 105,635 138,250 158,000 87,400 133,000 152,000 (d) Equity.. 2020 2021 2022 Cost of goods sold: Reported. Adjustments: Dec. 31/20 error. Dec. 31/21 error Corrected