Henry Corporation's inventory at December 31, 2020, included 1000 units of product XX. The bookkeeper incorrectly valued the XX inventory at $210 per unit. Relevant per-unit data for pr #uct XX follow: Estimated selling price $300 Cost 260 Replacement cost 278 Estimated direct selling expenses 56 Normal profit 20 All 1,000 units are expected to be sold in 2021. Required (show all calculations): (a) What was the correct TOTAL inventory value that should be used for product XX at December 31, 2020? (b) Was net income for 2020 overstated or understated due to the bookkeeper's mistake? By how much (ignore income tax aspects)