At the end of 2021, a $2,500 understatement was discovered in the amount of the 2021 ending inventory as reflected in the perpetual inventory records. What were the 2021 effects of the $2, inventory error (before correction)? Multiple Choice (0) Assets (inventory) were understated by $2,500 and pretax profit was understated by $2,500. Assets (inventory) were understated by $2,500 and pretax profit was overstated by $2,500. Cost of goods sold was understated by $2,500 and pretax profit was understated by $2,500. Cost of goods sold was overstated by $2,500 and pretax profit was overstated by $2,500