Naomi's Corporation purchased $3,000 of inventory before the year end date December 31, 2015 and it was counted in inventory, however, the purchase was not recorded until the following year. Which of the following statements is true?

Naomi's Corporation has made an error whereby retained earnings at the end of December 31, 2016 will not be correct even assuming no other errors are made.

Naomi's Corporation has made an error whereby ending inventory for the year ended December 31, 2015 is understated.

None of the other alternatives are correct

Naomi's Corporation has made an error which has a two-year impact and will self-correct by the end of the third year.

Naomi's Corporation has made an error whereby accounts payable for the year ended December 31, 2015 is understated.