The Blotto Company made the following two errors in counting ending inventory: - Understated 12/31/12 inventory by $3,000 - Understated 12/31/13 inventory by $4,000 The combination of these two errors will cause: Select one: a. 12/31/13 Retained Earnings to be understated by $3,000 b. 2013 Cost of Goods Sold to be understated by $7,000 c. 2014 Beginning Inventory to be understated by $4,000 d. 2014 Cost of Goods Sold to be overstated by $4,000 e. 2013 Net Income to be understated by $7,000