During the preparation of its draft final accounts for the year ended 31 March 23Y3 and its draft balance sheet as at 31 March 23Y3, DEF Corp noticed an error in the stock lists used for valuing stock as at 31 March 23Y3. The entry was:

Stock item	Number	Cost per unit	Total cost
F123	200	£2.50	£500

Required: (a) Identify the mistake in this entry. (b) Discuss the implications of this error on: (i) the stock value as at 31 March 23Y3. (ii) the cost of goods sold for the year ended 31 March 23Y3. (iii) the net profit for the year ended 31 March 23Y3. (iv) the Owner’s Capital as at 31 March 23Y3.