Brief Exervise 5-8 Inventory Error

LO8 Brief Exercise 5-8 Inventory Error 7, 5-18, 5-19 Due to a clerical error, a company overstated by $50,000 the amount of inventory on hand at the end of the year. Will net income for the year be overstated or understated? Identify the two accounts on the year-end balance sheet that will be in error and indicate whether they will be understated or overstated