Study Plan agen wo ornil takeAssignment ak Assignment ain doinvokeassignments& take s nment ess onlocator=assignment take n rogress false a Caloulator Pnint hem Effect of Errors in Physical Inventory Fenda Motoreycle Shop sels motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventor 85 357,240 mtead trf the correct armount of $342,950. Enter all amounts as posikive rumbers a State the effect of the error on the December 31, 21, balance sheet cf Fonda Motoryde Shop. Balance Sheet Items Nerchandse Inventery Current Assets Total Assets Ownar's Equity b. State the efect of the error on the income statoment of fonds Motoreycle Shop for the year ended December 31, 20Y8. Income Statement Items Cost of Merchandise Sold Gross Profit Nat Income c If uncorrected. hat would be the effect of the error on the 2dY9 income statement, Income Statement Items Cost of Merchandae Sold Gross P Overstated/ Understated Amount Overstated/ Understated Amount Net I ame d. If corected, what would be tha effect of the errer on the December 31. 209. balance shet t. The Decamber 31, 20YS, balance sheet would be correct, since the 20YB inventory errer rwverves its 2 more Check My Work uses remaining Previous t for Grading 209 PM