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Xtra Inc.'s books. Xtra use an Reporting and Analyzing Inventory an and periodic FIFO. -nit in its beginning inventory. The 7/31/2019 Reporting and Analyzing Inventory BE6-9 Determine effect of inventory error for two years. (LO 4) In its year-end physical inventory count, Tire Track Corporation forgot to count tires it had stored outside its warehouse in a trailer. As a result, ending inventory was understated by $7,000. Assuming that this error was not subsequently discovered and corrected, what is the impact of this error on assets, liabilities, and shareholders' equity at the end of the current year? At the end of the next year