Question: Due to ineffective controls while counting its inventory, Walker & Comer, Inc., double-counted $50,000 of inventory at the end of the current year. Before discovering

Due to ineffective controls while counting its inventory, Walker & Comer, Inc., double-counted $50,000 of inventory at the end of the current year. Before discovering this error, the company's ending inventory was $670,000. How will correction of this error affect the company's inventory and cost of goods sold figures?

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