Suppose that Crane uses the periodic inventory system and the beginning inventory is overstated by $3280 because the ending inventory in the previous period was overstated by $3280; the ending inventory for this period is correct. The amounts reflected in the current end of the period balance sheet are Asset Overstated Overstated Correct Understated Stockholders' Equity. Overstated Correct Correct Understated

Suppose that Crane uses the periodic inventory system and the beginning inventory is overstated by $3280 because the ending inventory in the previous period was overstated by $3280; the ending inventory for this period is correct. The amounts reflected in the current end of the period balance sheet are