lite lent T02:59 At December 31, 2017, Murchi Company reported total assets of Rs22,320,000, including inventory of Rs5,580,000 and net income of Rs7,365,600 for 2017. The reported inventory was overstated by Rs1,050,000. Which of the following is true with regard to Murchi's 2017 financial statements (ignore income taxes)? . Cost of goods sold is understated and total equity is overstated by Rs1,050,000. Ob. Total assets and Net income are both overstated by Rs1,050,000. Oc. Total assets are understated and total equity is overstated by R$ 1,050,000. Od. Cost of goods sold and total equity are both understated by R$ 1,050,000