Tou MAY refer to your own notes that you have prepared yoursel. You may NUI use your UR, NU UI VIRI HUR U Question 38 The ending merchandise inventory for the current accounting period is overstated by $3,500. What will be the effect of this error? The cost of goods sold for the current accounting period will be overstated by $3,500. The cost of goods sold for the next accounting period will be understated by $3,500. The ending merchandise inventory for the next accounting period will be overstated by $3.500. The net income for the current accounting period will be overstated by $3,500