ABC Industrials is attempting to fraudulently increase its inventory count before the end of the accounting period. What effect would this have on Cost of Goods Sold and Net Income?
Group of answer choices
O Cost of Goods Sold would be overstated and Net Income would also be understated.
O There would be no effect on Cost of Goods Sold, but Net Income would be understated.
O Cost of Goods Sold would be understated and Net Income would be overstated.
O Cost of Goods Sold would be overstated and Net Income would also be overstated.