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You are given the following information for Sheridan Company for the month ended November $30,2024$:

$\backslash$table$[[$Date$,$Description,Units,Unit Cost$],[$Nov$.1,$Beginning inventory,$65,$$$48],[9,$Purchase,$110,45],[15,$Sale,$(120),],[22,$Purchase,$145,43],[29,$Sale,$(150),],[30,$Purchase,$42,40]]$

Sheridan Company uses a perpetual inventory system. All sales and purchases are on account.

$($a$)($e$)$

If the company had not discovered this shortage, what would be overstated or understated on the balance sheet and income statement and by what amount?

on the balance sheet would be

by $

The

on the income statement would be

by $