During the preparation of its draft final accounts for the year ended 31 October 21Y4 and its draft balance sheet as at 31 October 21Y4, JKL Corp noticed an error in the stock lists used to value stock as at 31 October 21Y4. The entry was:

Stock item	Number	Cost per unit	Total cost
M234	100	£3.60	£360

Required: (a) Identify the mistake in this entry. (b) Discuss the implications of this error on: (i) the stock value as at 31 October 21Y4. (ii) the cost of goods sold for the year ended 31 October 21Y4. (iii) the net profit for the year ended 31 October 21Y4. (iv) the Owner’s Capital as at 31 October 21Y4.