After completing its draft final accounts for the year ended 31 January 20Y5 and its draft balance sheet as at 31 January 20Y5, GHI Ltd found an error in the stock lists used to compute the stock value as at 31 January 20Y5. The entry was:

Stock item	Number	Cost per unit	Total cost
D345	90	£3.75	£337.50

Required: (a) What is incorrect about this entry? (b) Evaluate the impact of this error on: (i) the stock valuation as at 31 January 20Y5. (ii) the cost of goods sold for the year ended 31 January 20Y5. (iii) the net profit for the year ended 31 January 20Y5. (iv) the Owner’s Capital as at 31 January 20Y5.