Effect of Errors in Physical Inventory Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2012, Missouri River Supply incorrectly counted its inventory as $459,490 Instead of the correct amount of $473,270 Enter all amounts as positive numbers, a. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply Balance Sheet Items Understated/Overstated Amount Merchandise Inventory Current Assets Total Assets