Understatement of ending inventory causes O Cost of goods sold to be understated and net income to be overstated O Cost of goods sold to be overstated and net income to be overstated O Cost of goods sold to be understated and net income to be understated O Cost of goods sold to be overstated and net income to be understated O Cost of goods sold to be overstated and net income to be accurate Liquidity problems exist for a company when its quick ratio * O is less than the industry average O Is 1 to 1 Is lower than 1 to 1 O is higher than 1 to 1 O is less than the industry average and is lower than 1 to 1