Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,700, and its ending inventory on December 31 was understated by $16,100. In addition, a purchase of merchandise costing $21,500 was incorrectly recorded as a $2,150 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Multiple Choice Understated by $50,050. Overstated by $4,750. Overstated by $33,950. Understated by $33,950.