Sunland 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. There were 4,700 units of product Z on hand at December 31,2017 . Product Z was incorrectly valued at $45 per unit for reporting purposes. All 4,700 units were sold in 2018. Compute the effect of this error on net income for 2017 and the effect on net income for 2018 , and indicate the direction of the misstatement for each year. Effect of net income for 2017$ Effect of net income for 2018