Question 1 of 3 5/ 10 iii View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, included product Z. Relevant per-unit data for product Z appear below. Estimated selling price $51 Cost 42 Replacement cost 41 Estimated selling expenses 15 Normal profit 9 There were 4.800 units of product Z on hand at December 31, 2017. Product Z was incorrectly valued at $41 per unit for reporting purposes. All 4,800 units were sold in 2018. Compute the effect of this error on net income for 2017 and the effect on net income for 2018, and indicate the direction of the misstatement for each year. Effect of net income for 2017 $ 24000 Overstated Effect of net income for 2018 $ 24000 Understated