Effect of inventory errors During the taking of its physical inventory on December 31,20Y3, Sellers Company incorrectly counted its inventory as $276,280 instead of the correct amount of $309,435. Indicate the effect of the misstatement on Sellers'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