Home / Questions / Navajo Company's financial statements show the following. The company recently discovered that i
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: Inventory on December 31, 2017, is understated by $57,000, and inventory on December 31, 2018, is overstated by $27,000. For Year Ended Decemberr 31 2817 2818 2819 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity $ 732,080 962,080 282,00e 797,eee 257.000 275,0e0 1,254,eee 1,394,080 1,237,eee 1,252,080 1,367,08e 1,587,08e Required: 1. For each key financial statement figure-(a). (b). (c). and (o) below-complete the table to show the adjustments necessary to correct the reported amounts. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors? 2017 2018 2019 Cost of goods sold: Reported amount 12/31/2017 error 12/31/2018 error Adjustments for: S Corrected amount Net income: Reported amount 12/31/2017 error 12/31/2018 error Adjustments for: 0S 0S Corrected amount Total current assets: Reported amount 12/31/2017 error 12/31/2018 error Adjustments for 0S 0S Corrected amount Equity: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error 0S 0S Corrected amount C whaL Is the enor otamet meomeor he combmed Error in total net income of three years
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