Assume that a purchase invoice for $1000 was appropriately recorded in fiscal 2019, but the inventory was excluded in error during the ending inventory count. what impact will this have on fiscal 2020 financial reporting?

a) Cost of goods available for sale is overstated by $1000

b) Beginning inventory is overstated by $1000

c) Cost of sales is understated by $1000

d) Gross margin is understated by $1000