A list of errors is shown below: Show the effects of the errors on the indicated balance sheet and income statement items. Choose 1 of the three options: Overstated, Understated, No Effect T Errors Cost of Goods Sold Retained Earnings Year-End Working Capital Ending inventory is overstated Beginning inventory is overstated Ending inventory is understated Beginning inventory is understated Purchases is overstated (recorded twice) Purchases is understated (not recorded)