Question During the taking of its physical inventory on August 31, 2016, Kate Interiors Company incorrectly counted its inventory as $366, 900 instead of the correct amount of $378, 500. Indicate the effect of the misstatement on Kate Interiors' August 31, 2016, balance sheet and income statement for the year ended August 31, 2016. Also record the amount of each overstatement or understatement. Enter all amounts as positive numbers.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.