3. If ending inventory for the year ended December 31,2004, is overstated by $25,000 a. b. c. d. ending inventory for 2005 will be understated by $25,000 net income for 2005 will be understated by $25,000 net income for 2005 will be overstated by $25,000 beginning inventory for 2005 will be understated by $25,000