Effect of Inventory Errors During the taking of its physical inventory on December 31, 2014, Sellers Company incorrectly counted its inventory as $206,075 instead of the correct amount of $185,470. Indicate the effect of the misstatement on Sellers's December 31, 2014, balance sheet or income statement for the year ended December 31, 2014. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Income Statement Cost of merchandise sold Current assets Gross profit Merchandise inventory Net income Owner's equity Total assets Feedback Balance Sheet Income Statement Balance Sheet Income Statement Balance Sheet Balance Sheet Understated Overstated Overstated Overstated Overstated Overstated Overstated $ $ $

Efect of Inventory Errors During the taking of its physical inventory on December 31,2014,5 ellers Company incorrectly counted its inventory as $206,075 instead of the correct amount of $185,470. Indicate the effect of the misstatement on Seliers's December 31,2014 , balance sbeet or income statement for the year ended December 31, 2014, For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value