Duncan Corp., a local retailer, uses the perpetual inventory system. At the end of 20x1, it overstated the cost of its ending inventory. There were no inventory errors prior to this. Required: Indicate this error's effect on each item noted in the columns below. Answer choices are overstated, understated, and no effect. Cost of Goods Sold for 20X1 is: Net Income for 20X1 is: Inventory balance at 12/31/X1 is: Retained Earning balance at 12/31/X1 is: . If the cost of ending inventory at 12/31/X1 IS overstated then