by $23,500 31 b. If the error is not corrected, what effect will it have on the subsequent period's operating income? O Operating income will be too low. O Operating income will be too high O No effect on operating income c. If this error is not corrected, what effect will it have on the total operating income of the two periods (the period in which there is an error and the subsequent period) combined? O Operating income will be too low O Operating income will be too high. O No effect on operating income. 1 Assume that the ending ventory of a merchanding fem is Overstated by $23.500 Required a. By how much and in what direction (overstated or understated) will the firm's cost of goods sold be stated is error is not corrected, what effect will it have on the subsequent period's operating income? Operating income will be too low. b. If this emor is not corrected, what effect will it have on the subsequent period's operating income OOperating income will be too low OOperating income will be too high. O'No effect on operating income. c. If this error is not corrected, what effect will it have on the total operating income of the two periods (the period in which there is an error and the subsequent period) combined? O Operating income will be too low O Operating income will be too high. O No effect on operating income. Proct