question

Current Attempt in Progress Monty 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, 2022, included product AG. Relevant per-unit data for product AG follow: There were 1,500 units of product AG on hand at December 31, 2022. Product AG was incorrectly valued at $35 per unit for reporti purposes, All 1,500 units were sold in 2023. Assume that Monty follows ASPE, and answer the following questions. Was net income for 2023 overstated or understated? By how much? Net income for 2023 is