Question: 8. The following errors, which all affect profit, have been identified by the auditor: (1) Inventory overvalued by $100,000 (2) Property, plant and equipment overvalued

8. The following errors, which all affect profit, have been identified by the auditor: (1) Inventory overvalued by $100,000 (2) Property, plant and equipment overvalued by $350,000 (3) Trade payables overstated by $65,000 If materiality for the evaluation of misstatements is $200,000, what is the minimum amount of adjustment required in order to conclude that the financial statements are not materially misstated? $185,000 $265,000 $385,000 $515,000. please help me and please provide me proper answer with proper explanation

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