A company makes silly clerical errors and in the annual financial statements for the year ended December 31,2010 understates it beginning inventory for the year by $5,000 and in the same accounting period overstates its ending inventory by $9,000. As a result of these two errors, Cost of Goods Sold reported in the 2010 Income Statement will be: Multiple Choice understated by $9,000 overstated by $9,000 understated by $14,000 none of the other alternatives are correct overstated by $5,000