You have been asked to audit the financial statements of Ramirez Company and report on your findings. After examining the beginning and ending inventor counts and calculations for the current year, you find the following: Beginning inventory is overstated by $14,000. Ending Inventory is understated by $8,100. Management of the company wants to know the effect that the errors will have on certain financial statement items. Required: Ignoring income taxes, determine the effect that the errors will have on the following: the amount of Is the item overstated what of understated Net Income Overstated Understated Cost of Goods Sold Overstated Understated