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7 58 ints eBook Print References Navajo Company s year end financial statements show the...

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7 58 ints eBook Print References 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 65 000 and Year 2 ending inventory is overstated by 35 000 For Year Ended December 31 a Cost of goods sold b Net income c Total current assets d Total equity Year 1 740 000 283 000 1 262 000 1 402 000 1 595 000 Year 2 970 000 290 000 1 375 000 Year 3 805 000 265 000 1 245 000 1 260 000 Required 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 What is the total error in combined net income for the three year period resulting from the inventory errors

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