_______ Brea Co's beginning inventory on January 1 was understated by $26,000, and its ending inventory on December 31 was overstated by %52,000. As a result, Bren's cost of goods solid for the year was. Understand by $26,000. Overstated by $78,000. Understand by $78,000. Overstated by $26,000. ___ Ending inventory is equal to the cost of items on hand plus: hems in transit sold f o b. shipping point. In transit f.o.b. destination hems in transit sold f.o.b. destination. Nome of the above. ___Cost of goods sold is given by: Beginning inventory-net purchases + ending inventory. Beginning inventory + accounts payable - net purchases. Net purchases + ending inventory - beginning inventory. Net purchases + beginning inventory - ending inventory