While preparing its draft final accounts for the year ended 31 July 23Y5 and its draft balance sheet as at 31 July 23Y5, JKL Enterprises discovered a mistake in the stock lists used to value stock as at 31 July 23Y5. The entry was:

Stock item	Number	Cost per unit	Total cost
H567	110	£4.20	£462

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 23Y5. (ii) the cost of goods sold for the year ended 31 July 23Y5. (iii) the net profit for the year ended 31 July 23Y5. (iv) the total for Current Assets as at 31 July 23Y5.