Question: During the taking of its physical inventory on December 31
During the taking of its physical inventory on December 31, 2014, Sport Interiors Company incorrectly counted its inventory as $113,900 instead of the correct amount of $118,350. Indicate the effect of the misstatement on Sport Interiors' December 31, 2014, balance sheet and income statement for the year ended December 31, 2014.
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