eBook Show Me How Print ten Effect of Inventory Errors During the taking of its physical inventory on December 31, 2013, Waterjet Bath Company incorrectly counted its inventory as $728,660 instead of the correct amount of $719,880. Indicate the effect of the misstatement on Waterjet Bath's December 31, 2013, balance sheet and income statement for the year ended December 31, 2073. Also record the amount of each overstatement or understatement. Enter all amounts as positive numbers. Inventory Balance Sheet Overstated Current assets Overstated Total assets Stockholders' equity Balance Sheet Balance Sheet Balance Sheet Income Statement Income Statement Income Statement Cost of goods sold Overstated Overstated Understated Overstated Overstated Gross profit Net Income Food Check When the ending inventory is overstated, consider how this overstatement affects both current and total assets on the balance sheet. Since cost of merchandise sold is an expense, what is the impact of an understand expense on gross profit and net income on the income statement and on owner's equity in the balance sheet? Check My Work All work saved Email Instructor Save and Exit Submit Assignment for Grading 1,347 ctv A W eBook Show Me How Print Iam Lower of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-ar-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 6,330 $10 $11 SAW9 36 34 1.140 Previous Next Check My Work Emal instructor All work saved Submit Assignment for Grading Save and Exit W