The inventory at the end of the year was understated by $8,750. (a) Did the error cause an…

The inventory at the end of the year was understated by $8,750. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet at the end of the year were overstated or understated as a result of the error? Is the error any different if using FIFO, LIFO or average cost

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