Effect of Inventory Errors During the taking of its physics inventory on December 31, 2017, Combine Engine Company incorrectly counted to inventory is $274,100 of the comment at of $270,70 1 December 31, 2017, balance sheet and income statement for the year ended December 31, 2017. Also record the amount of each overstatement understatter at Merchandise inventory Current assets Total Owner's equity Cost of merchandise sold Gross print Net income