Effect of Inventory Error During the taking of its physical inventory on December 31, 2014, Kate's Interiors Company incorrectly counted its inventory is $193,130 instead of the correct amount of $216,305. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2014, balance sheet or income statement for the year ended December 31, 2014 For each. Select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value Cost of merchandise sold Current assets Grass pront Merchandise inventory Net Income Owner's equity Total assets