Which describes a difference between an error that overstates beginning inventory and an error that overstates ending inventory? Net income will only be impacted after two years if a periodic inventory count is not completed. Overstating beginning inventory will understate cost of goods sold; overstating ending inventory will overstate cost of goods sold. Overstating beginning inventory will overstate cost of goods sold; overstating ending inventory will understate cost of goods sold. The impact of the error is cumulative; thus, the net income error is doubled