Instructions: An error in counting inventory will be described. You must state how this error affects a specified inventory value.

$1$ In $2025,$ a review of Velor Inc.$\text{'}$s records showed that the $2024$ ending inventory did not include several items. Explain how this affects the following:

$2023$ Cost of Goods Sold

Understated $(1),$ No Effect $(2),$ Overstated $(3)$

$2$ In $2025,$ a review of Global Filter Corp.$\text{'}$s records showed that the $2023$ ending inventory did not include several items. Explain how this affects the following:

$2023$ Equity

Understated $(1),$ No Effect $(2),$ Overstated $(3)$

$3$ In $2025,$ a review of Oppong Corporation's records showed that the $2023$ ending inventory contained certain units that were counted twice. Explain how this affects the following:

$2023$ Equity

Understated $(1),$ No Effect $(2),$ Overstated $(3)$

$4$ In $2025,$ a review of Bentley Inc.$\text{'}$s records showed that $2023$ purchases recorded some items twice. The ending inventory for $2023$ was adjusted to match the inventory count. Explain how this affects the following:

$2023$ Equity

Understated $(1),$ No Effect $(2),$ Overstated $(3)$