1 In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of product costs as period costs. Sixty percent of the inventory has been sold. Which of the following are correct? (Select all that apply.) Inventory is overstated by $4,000 Inventory is overstated by $6,000 Inventory is understated by $4,000 Inventory is understated by $6,000 Cost of Goods Sold is overstated by $4,000 Cost of Goods Sold is overstated by $6,000 Cost of Goods Sold is understated by $6,000 Cost of Goods Sold is understated by $4,000