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Martinez Corporation uses the lower of FIFO cost and net realizable value method on an individual item basis, applying the direct method. The inventory at December 31, 2019, included product AG. Relevant per-unit data for product AG follow: Estimated selling price Cost Replacement cost Estimated selling expense Normal profit $ 62 51 63 24 20 There were 2,000 units of product AG on hand at December 31, 2019. Product AG was incorrectly valued at $41 per unit for reporting purposes. All 2.000 units were sold in 2020. Assume that Martinez follows ASPE, and answer the following questions. Was net income for 2019 overstated or understated? By how much? (Ignore income tax aspects.) Net income for 2019 is by $ e Textbook and Media Was net income for 2020 overstated or understated? By how much? Net income for 2020 is by $ Was net income for 2020 overstated or understated? By how much? Net income for 2020 is by $ eTextbook and Media Indicate whether the current ratio, inventory turnover ratio, and debt to total assets ratio would be overstated, understated, or not affected for the years ended December 31, 2019, and December 31, 2020. December 31, 2019 December 31, 2020 Current ratio Inventory turnover ratio Debt to total assets ratio