If the ending inventory in the previous period was understated $17,000 and the ending inventory in the current period was overstated $27,000. Which of the following is understated in the current period? a. Owner's equity
b. Cost of goods sold
c. Net income
d. All the other answers are correct

In the current period,

b. Cost of goods sold

Explanation:

With the current period's beginning inventory (or previous period's ending inventory) understated by $17,000 and the overstatement of the current period's ending inventory by $27,000, it implies that the Cost of goods sold is understated by $10,000.  Once this cost is understated, the net income will be overstated, as well as the owner's equity (via the retained earnings).

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answer; no individual buyer or seller has any significant impact on the market price;