Q1.16: Which of the following items would most likely be considered material to the financial statement user? A A $1,000 overstatement in total revenues of $100,000 that turns a $500 loss into a $500 profit. A $1,000 understatement in total revenues of $100,000 that turns a $20,000 profit into a $19,000 profit. C A $1,000 understatement in total revenues of $100,000 that turns a $7,000 loss into a $8,000 loss. D A $1,000 overstatement in total revenues of $100,000 that turns a $20,000 profit into a $21,000 profit