The M$-$Moore Company has a calendar$$year accounting period. The following error was discovered in April of $2019.$ This error would have affected the financial statements for $2017$ and $2018.$

Amount of $($understatement$)$ or overstatement of the ending balance in inventory. $100,000$

INSTRUCTIONS:

Compute the effect this error had on the $2017$ net income.

Compute the effect, if any, each error had on the December $31,2018$ balance sheet items.