A company's ending inventory is understated by $$1,000.$ What are the effects of this error on the current year's $($i$)$ cost of goods sold and $($ii$)$ net income, respectively?

Group of answer choices

$($i$)$ understated; $($ii$)$ understated

$($i$)$ overstated; $($ii$)$ understated

$($i$)$ understated; $($ii$)$ overstated

$($i$)$ overstated; $($ii$)$ neither over nor understated

$($i$)$ overstated; $($ii$)$ overstated