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An error in the physical count of goods on hand at the end of a...

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Accounting

An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is (use the COGS equation for the Periodic System): *Answer (check the box to indicate the correct response) A. Cost of Goods Sold: Understated, and Net Income: Understated B. Cost of Goods Sold: Overstated, and Net Income: Overstated C. Cost of Goods Sold: Understated, and Net Income: Overstated D. Cost of Goods Sold: Overstated, and Net Income: Understated

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