31. What is the effect if the following errors on Cost of Goods Sold and Net Income: 1) Ending Inventory Understated $50,000 Effect on Cost of Goods Sold (Overstated or Understated or No change) $50,000 Effect on Net Income (Overstated or Understated or No change) $50,000 2) Beginning Inventory Overstated $50,000 Effect on Cost of Goods Sold (Overstated or Understated or No change) $50,000 Effect on Net Income (Overstated or Understated or No change) $50,000 3) Ending Inventory Overstated $50,000 Effect on Cost of Goods Sold (Overstated or Understated or No change) $50,000 Effect on Net Income (Overstated or Understated or No change) $50,000 4) Beginning Inventory Understated $50,000 $50,000 Effect on Cost of Goods Sold (Overstated or Understated or No change) $50,000 Effect on Net Income (Overstated or Understated or No change)