During the preparation of its draft final accounts for the year ended 30 September 20Y4 and its draft balance sheet as at 30 September 20Y4, DEF Corp noticed an error in the stock lists used for valuing stock as at 30 September 20Y4. The entry was:

Stock item	Number	Cost per unit	Total cost
C125	120	£5.00	£600

Required: (a) Identify the mistake in this entry. (b) Discuss the implications of this error on: (i) the stock value as at 30 September 20Y4. (ii) the cost of goods sold for the year ended 30 September 20Y4. (iii) the net profit for the year ended 30 September 20Y4.