The ending merchandise inventory for the current accounting period is overstated by $3,500. What will be the effect of this error?
A) The net income for the current accounting period will be overstated by $3,500.
B) The cost of goods sold for the current accounting period will be overstated by $3,500.
C) The ending merchandise inventory for the next accounting period will be overstated by $3,500.
D) The cost of goods sold for the next accounting period will be understated by $3,500.
A) The net income for the current accounting period will be overstated by $3,500.
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Answer the following statement true (T) or false (F)