Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,700, and its ending inventory on December 31 was understated by $15,500. In addition, a purchase of merchandise costing $20,500 was incorrectly recorded as a $2,050 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Overstated by $3,250. Understated by $33,650. Overstated by $33,650. Understated by $49,150