Question: During the taking of its physical inventory on December 31 128019
During the taking of its physical inventory on December 31, 2008, Poindexter Company incorrectly counted its inventory as $769,000 instead of the correct amount of $740,000. Indicate the effect of the misstatement on Poindexter's December 31, 2008, balance sheet and income statement for the year ended December 31, 2008.
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