Question: Entity C uses a periodic inventory system. It overstated its purchases in 2024 due to a data entry error (a purchase was entered twice). The

Entity C uses a periodic inventory system. It overstated its purchases in 2024 due to a data entry error (a purchase was entered twice). The effect of this error on 2024's cost of goods sold (COGS) and net income (NI), respectively are: COGS understated and NI understated COGS overstated and NI overstated COGS overstated and NI understated COGS understated and NI overstated

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