mect of Inventory Errors uring the taking of its physical Inventory on December 31, 2013, Corbin Company Incorrectly counted its inventory as $165,380 Instead of the correct amount of $188,535. Indicate the effect of the misstatement on Corbin's December 31, 2013, balance sheet or income statement for the year ended December 31, 2013. For each, select if the amount is overstated or understated. Then, nput the over or under amount, entered as a positive value. Cost of goods sold Income Statement Overstated Current assets Balance Sheet Understated Gross profit Income Statement Understated Balance Sheet Understated Net Income Income Statement Understated Stockholders equity Balance Sheet Understated Total assets Understated Inventory