Current Attempt in Progress An error in the physical count of goods on hand at the end of a period resulted in a $11200 overstatement of the ending! inventory. The effect of this error in the current period is Cost of Goods Sold Net Income understated overstated overstated overstated understated understated overstated understated Submit Answer Attempts: 0 of 2 used Save for Later View Policies Current Attempt in Progress Sheridan Company has the following inventory data: July 1 Beginning inventory 7 Purchases 22 Purchases 36 units at $19 126 units at $20 18 units at $22 $684 2520 3 96 $3600 A physical count of merchandise inventory on July 30 reveals that there are 60 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $1164 $2436 $1236 $2364 nting ates Attempts: 0 of 2 used