In year $1$ ending inventory is overstated by $$2,000.$ Explain the effect on cost of goods sold, gross profit and net income in year $1$ and year $2$ Select all answers that apply.

Net income in the next year, year $2,$ will not be affected by the error.

Cost of goods sold in the following year, year $2,$ will be overstated.

Gross profit in the current year, year $1,$ will be overstated.

Cost of goods sold in the current year, year $1,$ will be understated.

Gross profit in the next year, year $2,$ will be understated.

Cost of goods sold in the current year, year $1,$ will be overstated.

Net income in the next year, year $2,$ will be overstated.