A company forgets to record a purchase on credit in the Purchases account, but ending inventory is correct. The effect of this mistake in the current year is Income Cost of Goods Sold Accounts Payable Retained Earnings Understated Overstated Overstated Understated Understated Overstated Understated Overstated Overstated Understated Overstated Understated Overstated Understated Understated Overstated