Question 21 1 pts Assume a company is using the periodic method of inventory, what is the effect of a $100,000 overstatement of last year's inventory on current years ending retained earning balance? O Overstated by $100,000. O Understated by $100,000. Need more information to determine. O No effect. Question 22 1 pts Jones Inc. reported total assets of $2,400,000 and net income of $320,000 for the current year. Jones determined that inventory was overstated by $24,000 at the beginning of the year (this was not corrected). What is the corrected amount for total assets and net income for the year? O $2,400,000 and $344,000. O $2,424,000 and $344,000. O $2,376,000 and $296,000. O $2,400,000 and $320,000