4 8.75 points 02:37.59 In taking a physical Inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending Inventory by $15,000. Determine how this error effects each of the following. (a) Year 1 cost of goods sold. O Overstates Year 1 cost of goods sold. O Understates Year 1 cost of goods sold. O None of the above. eBook References (b) Year 1 net Income. O Understates Year 1 net Income Overstates Year 1 net income O None of the above. (C) Year 2 cost of goods sold. O Understates Year 2 cost of goods sold. O Overstates Year 2 cost of goods sold. O None of the above. (d) Year 2 net Income. O Understates Year 2 net Income O Overstates Year 2 net Income O None of the above.