3 The following 2 situations highlights possible scope limitations encountered by James Hodge, CPA, during the audit of Bison, Inc., a nonissuer (... private entity). In both situations, assume that the ending balance in inventory is material to Bison Inc.'s financial position, results of operations, and cash flows, Required: For each of these situations, indicate what type of opinion(s) Hodge should issue in the situation Situation #1. Because of the late appointment to the audit engagement, Hodge is unable to observe Bison's physical inventory for the year ended December 31, 2021. However, Bison maintains extensive perpetual inventory records, and Hodge has been able to perform other substantive procedures and is satisfied as to the fairness of the ending inventory balance for December 31, 2021 Situation #2. Because of the late appointment to the audit engagement, Hodge is unable to observe Bison's physical inventory for the year ended December 31, 2021. Because Bison's accounting records are not complete. Hodge is unable to perform other substantive procedures and is not satisfied as to the fairness of the ending inventory balance for December 31, 2021. Station 1 Shuation 2