Multiple Choice Question 01 Portland Supplies Co. mistakenly excluded $3,000 of goods from its December 31, 2016 physical inventory count. Its December 31, 2017 inventory amount was correct. As a result oft error, 2016 ending inventory is overstated by $3,000 2017 income is overstated by $3,000. 2016 income is overstated by $3,000. 2017 cost of goods sold is overstated by $3,000