Assume That in Year 1,the Ending Merchandise Inventory Is Overstated

Assume that in Year 1,the ending merchandise inventory is overstated by $30,000.If this is the only error in Year 1,fill in the items below,indicating which items will be understated,overstated,or correctly stated for Year 1.
$\begin{array}{llcc} \text { Ending merchandise inventory } & \text {Year 1}\underline{\quad\quad} \\ \text {Beginning merchandise inventory } & \text {Year 1}\underline{\quad\quad}\\ \text { Cost of goods sold } & \text {Year 1}\underline{\quad\quad}\\ \text { Gross profit } & \text {Year 1}\underline{\quad\quad}\\ \text {Net income } & \text {Year 1}\underline{\quad\quad}\\ \text { Ending owner's capital } & \text {Year 1}\underline{\quad\quad}\\\end{array}$