A company uses the periodic inventory method. An error in the physical count of goods on hand at the end of a period resulted in a $1,000 understatement of the ending inventory. The effect of this error in the current period is that cost of goods sold is (i) and net income is (ii) (i) understated; (ii) overstated (i) overstated; (ii) overstated (i) understated; (ii) neither overstated nor understated O (i) overstated; (ii) understated O (i) understated; (ii) understated