Question 48 1 pts Schrock Company purchases a new delivery van for $60,000. The sales taxes are $4,500. The logo of the company is painted on the side of the van for $1,200. The van's annual registration fee is $120. To complete the purchase the van also underwent safety testing for $220. What does Schrock record as the cost of the new van? $63.920 $65.920 $64,500 $66,040 Question 46 1 pts If beginning inventory is understated by $10,000, the effect of this error in the current period is (HINT: Like we did in class, use the cost of goods sold formula to create a "what if" scenario to answer this question): Cost of Goods Sold Net Income Overstated Understated Understated Overstated Understated Understated Overstated Overstated