If the Opening stock is undervalued

If the Opening stock is undervalued, then the goods available would be understated and gross profit would be overstated. This is because the cost of goods sold would be calculated based on the undervalued opening stock, which would lead to a lower cost of goods sold and a higher gross profit. However, since the opening stock was undervalued, the goods available would be understated, meaning that the company may have sold more goods than what was accounted for, leading to an inaccurate calculation of gross profit. Therefore, the correct answer is: goods available would be understated and gross profit overstated.