Problem 5-6A Analysis of inventory errors LO A2 10 points 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: Year 1 ending inventory is understated by $67,000, and Year 2 ending Inventory is overstated by $37,000 eBook Tor Year Ended December 31 (a) cost of goods sold (b) Net Income (c) Total current assets (d) Total equity Year 1 Year 2 Year 3 $ 742,000 $ 972,000 $807,000 285,000 292,000 267.000 1,264,000 1,377,000 1,247.000 1.404.000 1,597,000 1,262,000 Print References Required: 1. For each key financial statement figure-(a), (b), (C, and (c) below-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 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