Ivanhoe Company uses LIFO and a perpetual inventory system for its leading product, Z. Given the historical cost of product Z is $24, the selling price of product Z is $29, costs to sell product Z are $3, the replacement cost for product Z is $25, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? $22$25$24$26 Concord, Inc. has had some turnover in its parts inventory area. As a result, some inventory counting errors have been made in taking the physical ending inventory in the last two fiscal years. Its financial statements for the years 2026 and 2025 contained errors as follows: Concord has a 9/30 fiscal year-end. Assume that no correcting entries were made and that no additional errors occurred in fiscal 2027. Ignoring income taxes, by how much will income be overstated or understated at 9/30/26 ? $2800 overstated $12500 overstated $2800 understated $18100 understated