The extract SPL of Air Control Specialists Ltd is as follows

(in millions):

Assume that in early 20x9, it was discovered that the closing inventory for 20x6 was understated by €50 million and that the closing inventory for 20x7 was overstated by €20 million. The closing inventory as of 31 December 31 20x8 was stated correctly.

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(Amounts in millions) 20x8 20x7 20x6 Net sales revenue... 1,517 1,319 1,238 Cost of goods sold: Opening 269 259 234 inventory. Purchases. 859 729 663 Cost of goods available. 1,128 988 897