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Problem 5-6A (Algo) Analysis of inventory errors LO A2 Navajo Company's yearend financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year'l ending inventory is understated by $67,000 and Year 2 ending inventory is overstated by $37,000. For- Year Ended December' 31 Year' 1 Year' 2 Year 3 (a) Cost of goods sold $ 742,666 $ 972,666 $ 867,666 (b) Net income 285,666 292,666 267,666 (c) Total current assets 1,264,666 1,377,666 1,247,666 (d) Total equity 1,494,999 1,597,999 1,262,666 Required: 1. For each key financial statement figure(a), (b), (c), and (d) aboveprepare a table to show the adjustments necessary to correct the reported amounts. 2, What is the total error in combined net income for the threeyear period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each key financial statement figure(a), (b), (c), and (d) aboveprepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus Sign. Required 1 Required 2 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. Note: Amounts to be deducted must be entered with a minus sign. Year 1 Year 2 Year 3 Cost of goods sold: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount $ 0 0 $ 0 Net income: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount $ o $ o $ 0 Total current assets: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 Equity: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount $ 0 0 $ 01. For each key financial statement figure(a), (b), (C), and (d) aboveprepare 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 total error in combined net income for the threeyear period resulting from the inventory errors?