After completing its draft final accounts for the year ended 31 January 24Y3 and its draft balance sheet as at 31 January 24Y3, WXY Ltd found an error in the stock lists used to compute the stock value as at 31 January 24Y3. The entry was:

Stock item	Number	Cost per unit	Total cost
P234	60	£5.30	£318

Required: (a) What is incorrect about this entry? (b) Evaluate the impact of this error on: (i) the stock valuation as at 31 January 24Y3. (ii) the cost of goods sold for the year ended 31 January 24Y3. (iii) the net profit for the year ended 31 January 24Y3. (iv) the Owner’s Equity as at 31 January 24Y3.