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Module 1: Chapter 2: Other Questions (To be posted as a group assignment in vour group discussion area) 1. What effect will an overstatement of the finished goods inventory at the end of a year have on the following items in (a) the year of understatement and (b) the following year: ii. iii. iv. Cost of Goods Sold Gross Margin Operating Expenses Net Income 2. You have accidentally recorded president's salary as a factory overhead expense. What effect will this misclassification error have on the following items: i. ii. iii. iv. V. vi. Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Operating Expenses Net Income Unit Cost