If beginning inventory is understated by JD 4,000, which of the following statements is correct regarding the effect of this error in the current period: Cost of goods sold is overstated by JD 4.000. and net income is understated by JD 4,000 Cost of goods sold is understated by JD 4,000, and net income is overstated by JD 4,000 Cost of goods sold is overstated by JD 4,000, and net income is overstated by JD 4,000 Cost of goods sold is understated by JD 4,000, and net income is understated by JD 4.000 O