Jayard Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,900, and its ending Inventory on December 31 was understated by $16,300. In addition, a purchase of merchandise costing $20,000 was incorrectly recorded as a $2,000 purchase. None of these errors were discovered until the next year. As a result, Jayard's cost of goods sold for this year was Multiple Choice Overstated by $32,600 Overstated by $3,400 Understated by $32,600. Understated by $48.900.