Question 8 Not yet answered Marked out of 1.00 A company using a periodic inventory system performs an inventory count at the end of the fiscal year, December 31, 2020. The count was done by a junior accountant and resulted in a 512,500 overstatement of ending inventory. The effect of this error in the financial statements created for December 31, 2020 would be F Flag question Select one: a. Cost of Goods Sold: Overstated // Profit Understated b. Cost of Goods Sold: Overstated // Profit: Overstated c. Cost of Goods Sold: Understated // Profit. Understated d. Cost of Goods Sold: Understated // Profit Overstated