49) ending Merchandise Inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period? stofCoodsSold ted tinc me erstated kost fGoodsSold - Netinco ne tated ated Cost of Goods Sold Net IncomeD) Cost of Goods Sold Net Income ated nderstated nderstated