Due to ineffective controls while counting its inventory. Walker \& Comer, Inc, double-counted $50,000 of inventory at the end of the current year. Before discovering this error, the company's ending inventory was $670,000. How will correction of this error affect the company's inventory and cost of goods sold figures? (You may select more than one answer. Single click the box with the question mark-to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically greded as incorrect.) Inventory is restated at $620,000 Inventory is restoted at $720,000. Cost of goods sold will increase by $50,000 Cost of goods sold will decrease by $50,000 None of the above