1. During the audit of a client, a member of the audit team discovers an overstatement of $380,000 in the revenue account. The following data relates to the audit: Client Information: Revenues $18,700,000 Total Assets $23,600,000 Net Income $310,000 Audit Materiality Information: Overall Materiality $600,000 Performance Materiality for the Revenue Account $425,000 (Tolerable Misstatement) Required: Is the overstatement in the revenue account material? Explain your answer. Use complete sentences