If beginning inventory is understated by $15,000, the effect of this error in the current period is Cost of Goods Sold Net Income o Overstated Overstated O Overstated Understated Activate Window Understated Understated O Overstated Overstated Overstated Understated o Understated Understated o Understated Overstated Activate Question 30 View Policies Current Attempt in Progress Under IFRS, companies can choose which inventory system? LIFO FIFO Yes Yes o No Yes No No Yes No