Current Attempt in Progress Which of the following statements is correct? If ending inventory is overstated, cost of goods sold will also be overstated. An overstatement of cost of goods sold will produce an understatement in gross profit. If beginning inventory is overstated, cost of goods sold will be understated. An understatement of cost of goods sold will also produce an understatement in gross profit. Save for Later Attempts: 0 of 1 used Submit Answer Photos - Multi 2.png + 4 Current Attempt in Progress A company has the following account balances: Sales $3,000,000 and Cost of Goods Sold $1,850,000. The company's gross profit margin is O 38% 29%. 46% 71% Save for Later Attempts: 0 of 1 used Submit