th Statements are false 2 pts stion 18 ror in the physical count of goods on hand at the end of the current period resulted in a $2,500 statement of the ending inventory. The effect of this error in the current period is to: E: This question addresses the effect on the current statements; NOT how the current ements could actually be corrected. overstate cost of goods sold understate net purchases for the period understate gross profit overtate net income understate ending retained earrings th Statements are false 2 pts stion 18 ror in the physical count of goods on hand at the end of the current period resulted in a $2,500 statement of the ending inventory. The effect of this error in the current period is to: E: This question addresses the effect on the current statements; NOT how the current ements could actually be corrected. overstate cost of goods sold understate net purchases for the period understate gross profit overtate net income understate ending retained earrings