3 multiple choices

please attach detailed explanation, thx and have a good day!

10 QUESTION 1 in Jacob's Company, the ending inventory is overstated by 14 000. The effects of this error on the current year's cost of goods sold and profit, respectively, are: understated, overstated overstated, understated overstated, overstated understated, understated 10 p QUESTION 2 Freshii makes an error that understates the ending inventory by 4000 on December 31. They do not correct the error in 2013 or 2014. As a result, owner's equity is: overstated at December 31, 2013, and understated at December 31, 2014 overstated at December 31, 2013, and properly stated at December 31, 2014 understated at December 31, 2013, and properly stated at December 31, 2014 understated at December 31, 2013, and overstated at December 31, 2014 QUESTION 3 Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets and owner's equity? Net income is overstated, assets are overstated, owners equity is overstated. Net income is overstated assets are overstated, owners' equity is understated. Net income is understated, assets are understated, owners equity is understated. Net income is understated, assets are understated, owners equity is overstated