For the current audit you define planning materiality as $350,000, tolerable misstatement as $175,000 for all individual accounts, and tolerable misstatement as $250,000 for all common account groupings (e.g. total assets, total liabilities, total revenues, total expenses). During the audit you identified the following two unrecorded journal entries which resulted in four misstated accounts: JE#1 Cost of Goods Sold $160,000 Inventory $160,000 JE#2 Salaries Expense $100,000 Salaries Payable $100,000 At the end of the audit you request the client make the two correcting journal entries but the client believes the entries are immaterial and not necessary. Based on this information answer the following two questions: 1) Is Inventory materially misstated? Why or why not (be specific)? 2) Would you issue an unqualified audit opinion? Why or why not (be specific)