Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,400, and its ending inventory on December 31 was understated by $15,000. In addition, a purchase of merchandise costing $21,000 was incorrectly recorded as a $2,100 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 $3,500. Understated by $34,300. Overstated by $34,300. Understated by $49,300