Calculate inventory errors. (LO 8)
Tire Pro Company’s records reported the following at the end of the fiscal year.
| Beginning inventory | $ 80,000 |
| Ending inventory | 85,000 |
| Cost of goods sold | 295,000 |
A physical inventory count showed that the ending inventory was actually $78,000. If this error is not corrected, what effect would it have on the income statement for this financial year and the following fiscal Year?
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