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3. INVENTORY ERRORS BE6.13 (LO 4) AN Video FirstIn Company reported profit of $90,000 in 2023. When counting its inventory on December 31,2023 , the

3. INVENTORY ERRORS BE6.13 (LO 4) AN Video FirstIn Company reported profit of \$90,000 in 2023. When counting its inventory on December 31,2023 , the company forgot to include items stored in a separate room in the warehouse. As a result, ending inventory was understated by $7,000. a. What is the correct profit for 2023 ? b. What effect, if any, will this error have on total assets and owner's equity reported on the balance sheet at December 31, 2023? c. Assuming the inventory is correctly counted on December 31,2024 , what effect, if any, will this error have on the 2024 financial statements

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