The ending Merchandise Inventory for the current accounting period is understated by $2,700 What effect will this error have on Cost of Goods Sold and Net Income for the current accounting penod? OA Cost of Goods Sold Net Income Overstated Understated OB Cost of Goods Sold Net Income Understated Understated OC Cost of Goods Sold Net Income Overstated Overstated OD. Cost of Goods Sold Net Income Understated Overstated Click to select your answer Reflect in ePortfolio