20. An error was made by a company in computing the percentage of completion of the current year's ending Work in Process Inventory for its process cost accounting system. The error resulted in the assignment of a lower percentage of completion to each component of the inventory than actually was the case. There was no beginning Work in Process Inventory and the company uses a FIFO cost flow assumption for its inventory. What is the effect of this error on the items listed below? Cost Assigned to Cost of Goods Completed Computation of Cost Per Equivalent Unit Understated Understated Overstated Overstated Understated Overstated Understated Overstated 1 Which of the following statements about the economic order quantity