An error in valuing inventory will cause an error in the amount of cost of goods sold. True False Errors in inventory valuation only affect the current period's records and financial statements. True False Because an inventory error causes an offsetting error in the next period, it is sometimes said to be self-correcting. True False Because inventory errors are self-correcting in following accounting periods, managers will be able to make correct decisions based on changes in net income and cost of goods sold. True False An understatement of ending inventory will understate cost of goods sold and overstate net income. True False An understatement of beginning inventory will understate cost of goods sold and overstate net income. True False