You have been asked to audit the financial statements of Martinez Company and report on your findings. After examining the beginning and ending inventory counts and calculations for the current year, you find the following: . Beginning inventory is overstated by $6,200. 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 Ending inventory is understated by $7,700 Is the item overstated or What is the ansount of error O Overstated O Understated O Overstated O Understated Gross Profit SO sD Clear