Remove the plug on the low cylinder. Remove the valve cover on that side. Rotate the engine until both valves on that cylinder are closed. Apply air pressure to that cylinder via the plug hole.
Air coming up through the carburetor indicates a burned or leaking intake valve. Air coming out of the tail pipe indicates a burned or leaking exhaust valve. Air coming up into the valve cover area indicates a ring issue or a crack or hole in a piston.
No need to fiddle fart around with the wet and dry compression test. That's a total complete waste of time. The air test will tell you everything you need to know.