C Search.. search.Share | More Accounting Principles-Wild, Shaw, and Chiappetta, 23e, Inventories and Cost of Sales Cake Mart understated its ending inventory In the current year by $5,000. The company incorrectly reported net income of $100,000. Determine the effect of the error on the financial Click the answer you think is right Total assets on the balance sheet will be too high by $5.000 Cost of goods sold was too low by $5,000, which cnused net income to be Cost of goods sold wil be too high by $5.o00, and this coused net income to be understated by $5.000 Cost of goods sold will be too high by 55.000 and this cauted net income to b overstated by $5.000 No Idea