Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical...

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Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $63,000 and Year 2 ending inventory is overstated by $33,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required: Year 1 Year 2 $ 738,000 281,000 1,260,000 1,400,000 $ 968,000 288,000 1,373,000 1,593,000 Year 3 $ 803,000 263,000 1,243,000 1,258,000 1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $63,000 and Year 2 ending inventory is overstated by $33,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required: Year 1 Year 2 $ 738,000 281,000 1,260,000 1,400,000 $ 968,000 288,000 1,373,000 1,593,000 Year 3 $ 803,000 263,000 1,243,000 1,258,000 1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2