Effect of Inventory Errors During the taking of its physical inventory on August 31, 2017, Robin Interiors Company incorrectly counted its inventory as $543,500 Instead of the correct amount of $560,700. Indicate the effect of the misstatement on Robin Interiors' August 31, 2017, balance sheet and income statement for the year ended August 31, 2017. Also record the amount of each overstatement or understatement. Enter all amount as positive numbers. Merchandise inventory Current assets Total assets Owner's equity Cost of merchandise sold Gross profit Net income 0000000