Novak 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 $ 57 Cost 51 Replacement cost 58 Estimated selling expense 23 Normal profit 17 There were 1,700 units of product AG on hand at December 31, 2019. Product AG was incorrectly valued at $39 per unit for reporting purposes. All 1,700 units were sold in 2020. Assume that Novak follows ASPE, and answer the following questions. (a) Was net income for 2019 overstated or understated? By how much? (Ignore income tax aspects.) Net income for 2019 is by $