Assume that due to an error during the count of its physical inventory, a company overstatedthe cost of itsending inventory at the end of 20X5. As a result of this error, indicate how each of the following items are affected on the company's 20X5 incomestatement and balance sheet. Its cost of goods sold for 20X5 will:be understated. Its ending retained earnings balance for 20X5 will:be overstated. Its net income for 20X5 will:be overstated. Feedback:Net income is closed to retained earnings. If net income is overstated, retained earnings will be leftoverstated
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