After finalizing the draft accounts for the year ended 30 June 24Y1 and its draft balance sheet as at 30 June 24Y1, QRS Inc discovered an error in the stock lists used to calculate the stock value as at 30 June 24Y1. The entry is as follows:

Stock item	Number	Cost per unit	Total cost
N678	75	£3.80	£285

Required: (a) Explain the discrepancy in this entry. (b) Assess the effects of the error on: (i) the stock valuation as at 30 June 24Y1. (ii) the cost of goods sold for the year ended 30 June 24Y1. (iii) the net income for the year ended 30 June 24Y1. (iv) the total for Current Assets as at 30 June 24Y1.