While preparing its draft final accounts for the year ended 31 March 21Y1 and its draft balance sheet as at 31 March 21Y1, YZA Corp discovered a mistake in the stock lists used to compute the stock value as at 31 March 21Y1. The entry was:

Stock item	Number	Cost per unit	Total cost
J901	85	£3.75	£318.75

Required: (a) What is wrong with this particular entry? (b) What would the effect of the error have been on: (i) the value of stock as at 31 March 21Y1? (ii) the cost of goods sold for the year ended 31 March 21Y1? (iii) the net profit for the year ended 31 March 21Y1?