In the process of finalizing its draft final accounts for the year ended 31 December 21Y2 and its draft balance sheet as at 31 December 21Y2, DEF Inc found an error in the stock lists used to value stock as at 31 December 21Y2. The entry was:

Stock item	Number	Cost per unit	Total cost
K456	95	£2.80	£266

Required: (a) Identify the error in this entry. (b) Analyze the impact of this error on: (i) the stock value as at 31 December 21Y2. (ii) the cost of goods sold for the year ended 31 December 21Y2. (iii) the net profit for the year ended 31 December 21Y2.