Will misclassifying a product cost as a period cost cause the income statement or balance sheet to

Question:

Will misclassifying a product cost as a period cost cause the income statement or to be incorrect?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...