The ending inventory for Tokro Co. was erroneously written down causing an understatement of \(\$ 5,200\) at the end of 2011.
Required
Was each of the following amounts overstated, understated, or not affected by the error?

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Item No. Year Amount 12 2011 2 2011 3 2011 Beginning inventory Purchases Goods available for sale 4 2011 Cost of goods sold 5 2011 Gross margin 6 2011 Net income 7 2012 Beginning inventory 8 2012 Purchases 9 2012 Goods available for sale 10 2012 Cost of goods sold =2 11 2012 Gross margin 12 2012 Net income