While preparing its draft final accounts for the year ended 31 July 21Y6 and its draft balance sheet as at 31 July 21Y6, PQR Ltd discovered a mistake in the stock lists used to value stock as at 31 July 21Y6. The entry was:

Stock item	Number	Cost per unit	Total cost
O123	60	£5.50	£330

Required: (a) Describe the error in this entry. (b) Determine the effects of this error on: (i) the value of stock as at 31 July 21Y6. (ii) the cost of goods sold for the year ended 31 July 21Y6. (iii) the net profit for the year ended 31 July 21Y6. (iv) the total for Current Assets as at 31 July 21Y6.