The accountant for Suzanne Company made the following errors related to inventory in 2020: The beginning inventory for 2020 was overstated by $1,375 due to an error in the physical count. A $1,650 purchase of merchandise on credit in 2020 was not recorded or included in the ending inventory. Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net income be affected in 2020 by these errors? 1. 2. Set Cost of Goods Sold I. Overstated II. Overstated III. Understated IV. No effect Set II Set IV Set III Set I Gross Profit Understated Understated Overstated No effect Net Income Understated No effect Overstated No effect

The accountant for Suzanne Company made the following errors related to inventory in 2020: 1. The beginning inventory for 2020 was overstated by $1,375 due to an error in the physical count. 2. A $1,650 purchase of merchandise on credit in 2020 was not recorded or included in the ending inventory: Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net Set II Set IV Set III Set