Evaluate each inventory error separately and determine whether it overstates or understates cost of goods sold and net income. 
Definitions:
Balance Sheet
A financial report detailing a firm's assets, liabilities, and equity of shareholders at a particular moment.
Price-Earnings Ratio
A valuation ratio of a company's current share price compared to its per-share earnings, used to evaluate a company's financial health and potential growth.
Market Price
The current price at which an asset or service can be bought or sold in a marketplace.
Earnings Per Share
A measure of a company's profitability, calculated by dividing the company's net income by the number of its outstanding shares.
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