6. 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 Expenses $18,500,000 Net Income $200,000 Total Assets $24,100,000 Audit Materiality Information: Overall Materiality $700,000 Performance Materiality for the Revenue Account $400,000 (Tolerable Misstatement) Required: Is the overstatement in the revenue account quantitatively material? Explain your answer. Use complete sentences b Is the overstatement in the revenue account qualitatively material? Explain your answer. Use complete sentences