Question 1 (1 point) Cost of Goods Sold (under the Periodic Method) equals: A) Beginning Inventory - Net Purchases + Freight-in + Ending Inventory. B) Beginning Inventory - Net Purchases - Freight-in + Ending Inventory. C) Beginning Inventory + Net Purchases + Freight-in + Freight-out + Ending Inventory. D) Beginning Inventory + Net Purchases + Freight-in - Ending Inventory. Question 2 (1 point) The ending merchandise inventory was overstated. This error would cause: A) Cost of Goods Sold to be overstated. B) revenue to be understated. C) net income to be overstated. D) net income to be understated