Effect of Inventory Errors

During the taking of its physical inventory on December $31,20Y3,$ Sellers Company incorrectly counted its inventory as $$315,675$ instead of the correct amount of $$347,245.$ Indicate the effect of the misstatement on Sellers's December $31,20Y3,$ balance sheet or income statement for the year ended December $31,20$Y$3.$ 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

Current assets

Gross profit

Inventory

Net income

Stockholders' equity

$$

$$

$$

$$

$$

$$

Total assets

$$

$$

$$

$$

$$

$ $$

$

$$

$ $$

$ $$

$