Analyze the financial statement effects in the current year, resulting from the following five independent and unrelated events. Assume the perpetual inventory method using FIFO. Select the financial statement categories "Overstated", "Understated" or "Not affected" based on the events. Financial Statement Category Events Assets Shareholders' Equity Cost of Goods Sold Net Income 1. The previous year ending inventory was overstated. This error was not found in the current year. 2. A physical count of goods on hand at the end of the current year resulted in some goods being counted twice. 3. Goods purchased on account in December of the current year and shipped FOB destination were recorded but were not included in the count of goods on hand on December 31