If beginning inventory is overstated by $3,000, the effect of this error in the current period is that; Select one: O Cost of Goods Sold is understated by $3,000; Net Income is overstated by $3,000. O Cost of Goods Sold is understated by $3,000; Net Income is understated by $3,000. Cost of Goods Sold is overstated by $3,000; Net Income is understated by $3,000 O Cost of Goods Sold is overstated by $3,000; Net Income is overstated by $3,000