K The ending Merchandise Inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period? OA. Cost of Goods Sold Overstated OB. Cost of Goods Sold Understated C. Cost of Goods Sold Understated OD. Cost of Goods Sold Overstated Net Income Overstated Net Income Overstated Net Income Understated Net Income Understated DE