Acompany uses the periodic inventory method. if beginning inventory is understated by $10,000 because the prior’s year’s ending inventory was understated by $10,000. the company’s ending inventory for this period is correct. the effect of this error in the current period is that (i) cost of goods sold is and (ii) net income is . (i) overstated and (ii) overstatedb. (i) understated and (ii) understatedc. (i) overstated and (ii) understatedd. none of thesee. (i) understated and (ii) overstated