Assume the company uses the periodic inventory system. If the beginning inventory for 2025 is understated, the effects of this error on cost of goods sold for 2025, net income for 2025, and total assets at December 31, 2025, respectively, are

a. overstatement, understatement, overstatement. b. overstatement, understatement, no effect. c. understatement, overstatement, overstatement. d. understatement, overstatement, no effect.