After preparing its draft final accounts for the year ended 31 August 23Y0 and its draft balance sheet as at 31 August 23Y0, JKL Enterprises discovered an error in the stock lists used to compute stock value as at 31 August 23Y0. The entry was:

Stock item	Number	Cost per unit	Total cost
C234	125	£3.90	£487.50

Required: (a) Describe the error in this entry. (b) Evaluate the impact of this error on: (i) the stock value as at 31 August 23Y0. (ii) the cost of goods sold for the year ended 31 August 23Y0. (iii) the net profit for the year ended 31 August 23Y0. (iv) the total for Current Assets as at 31 August 23Y0.