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A mistake was made when counti

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I could use some help with homework can you explain how to do this? 
 
A mistake was made when counting the ending inventory at December 31, 2018: it was recorded incorrectly as $50,000 (not the correct $60,000). Ending inventory for 2019 was recorded correctly. The effect of this error on the firm’s income would be:
 
Group of answer choices

-2018 income would be overstated by $10,000.
-2018 and 2019 income would be understated by $10,000 for each year.
-2018 income would be correct but 2019 would be overstated.
-2018 income would be understated by $10,000 and 2019 income would be overstated by $10,000, the errors cancel each other out after 2 years.
-None of the above.
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