In 2019, beginning inventory is overstated. What is the effect of the error on net income in 2019 and 2020? O A. Net income is understated in 2019 and correctly stated in 2020. O B. Net income is understated in 2019 and 2020. O C. Net income is understated in 2019 and overstated in 2020. OD. Net income is overstated in 2019 and 2020. Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases 310 units 280 units at $7 per unit 108 units at $8 per unit O A. $2,278 OB. $2,480 O c. $2,170 OD. $2,200 The lower - of - cost-or-market rule for inventory is based on the accounting principle(s) of: O A. relevance. O B. representational faithfulness. O C. disclosure. OD. A and B