In taking physical inventory on December 31, 2016, ABC's Motorcycle Shop incorrectly counted inventory as $179, 600 instead of the amount of $197 600 State what effect the error will have on the cost of goods sold in the income statement of ABC's Motorcycle shop for the year 2010. Explain. State what effect the error will have on the gross profit in the income statement of ABC's for the year 2016. Explain