Swifty Limited has a calendar-year accounting period. The following errors were discovered in 2023. 1. The December 31, 2021 merchandise inventory had been understated by $51,800. 2. Merchandise purchased on account in 2022 was recorded on the books for the first time in February 2023, when the original invoice for the correct amount of $3,100 arrived. The merchandise had arrived on December 28,2022 , and was included in the December 31, 2022 merchandise inventory. The invoice arrived late because of a mix-up by the wholesaler. 3. Inventory, valued at $1,000, held on consignment by Swifty was included in the December 31,2022 count