Effect of Inventory Errors During the taking of its physical inventory on December 31, 20Y3, 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, 20Y3, balance sheet and income statement for the year ended December 31, 2013. Also record the amount of each overstatement or understatement. Enter all amounts as positive numbers. Inventory Balance Sheet Overstated Current assets Balance Sheet Overstated $ Total assets Balance Sheet Overstated $ Stockholders' equity Balance Sheet Overstated $ Cost of goods sold Income Statement Understated $ Gross profit Income Statement Overstated $ Net income Income Statement Overstated $