Q$-$mart failed to include inventory that was kept in a separate warehouse in its $12/31$ end$-$of$-$the$-$period inventory count. Consequently, the ending inventory on $12/31$ was understated on the balance sheet. Explain how this error will effect the current year's income statement. $($Check all that apply.$)$

Multiple select question.

The current year's net income will be too high.

The current year's cost of goods sold will be too high.

The current year's cost of goods sold will be too low.

The current year's net income will be too low.