Poppy 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 $15,300. In addition, a purchase of merchandise costing $21,100 was incorrectly recorded as a $2,110 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Multiple Choice Understated by $49,890. Understated by $34,590. Overstated by $3,390. Overstated by $34,590