Question $2(5$ points$)$

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Able Corporation uses a job$-$order costing system. In reviewing its records at the end of the year, the company has discovered that $$2,000$ of raw materials has been drawn from the storeroom and used in the production of Job $110,$ but that no entry has been made in the accounting records for the use of these materials. Job $110$ has been completed but it is unsold at year end. This error will cause:

Finished Goods to be understated by $$2,000$ at the end of the year.

Cost of Goods Sold to be overstated by $$2,000$ for the year.

Cost of Goods Manufactured to be overstated by $$2,000$ for the year

Work in Process to be understated by $$2,000$ at year end.

None of these