Exerciso 9-6 Your answer is partially correct. Try again. Pharoah Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, included product x. Relevant par-unit data for product X are as folows. Estimated selling price Cost Estimated selling costs Normal profit $48 39 13 There were 970 units of product x on hand at December 31, 2017. Product X was incorrectly valued at $40 per unit for reporting purposes. All 970 units were sold in 201t 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 Net income for 2017 Net income for 2018