Current Attempt in Progress Bren Co.'s beginning inventory at January 1, 2005 was understated by $26,000, and its ending inventory was overstated by $52,000. As a result, Bren's cost of goods sold for 2005 was: O Overstated by $26,000. Overstated by $78,000. O Understated by $26,000. O Understated by $78,000