Your answer is partially correct. Sheridan 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 13 Normal profit 9 There were 4.100 units of product Zon hand at December 31, 2017 Product Zwas incorrectly valued at $ 41 per unit for reporting purposes. All 4,100 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 $ 12300 Overstated Effect of net income for 2018 $ 12300 Understated e Textbook and Media Save for Later Attempts: 2 of 3 used Submit