Effect of Inventory Errors

During the taking of its physical inventory on December 31, 20Y3, Zula Company incorrectly counted its inventory as $275,835 instead of the correct amount of $253,770. Indicate the effect of the misstatement on Zula's December 31, 20Y3, balance sheet or income statement for the year ended December 31, 20Y3. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value.

Cost of goods sold	Income Statement		$fill in the blank 3
Current assets			$fill in the blank 6
Gross profit			$fill in the blank 9
Inventory			$fill in the blank 12
Net income			$fill in the blank 15
Stockholders' equity			$fill in the blank 18
Total assets			$fill in the blank 21