b. Year i cost of goods sold was overstated, and year 2 income was understated. c. Year 1 income was overstated, and year 2 ending inventory was overstated. d. Year 1 cost of goods sold was understated, and year 2 retained eamings was conect. Connect Problems An alternate exercise and problem set is available in the Connect library. Decker Company has five products in its inventory. Information about the December 31, 2016, inventory follows P 9-1 Lower of cost Unit and net realizable Unit Selling Price Quantity Cost value Product LO9-1 1,000 $16 $10 18 800 15 600 200 13 14 The cost to sell for each product consists of a 15 percent sales commission. Required of inventory at December 31, 2016, assuming the lower of cost and net realizable 1. Determine the book value value is applied to individual products