Exerdise 9-6 Your answer is partially correct. Try again. Crane 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 per-unit data for product X are as follows. Estimated selling price Cost Estimated selling costs Normal profit $48 38 13 10 There were 1,020 units o product X on hand at December 31, 2017, product X was incorrectly valued at S39 per un for reporting purposes. All0220 units were old 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 13260Overstated Net income for 2018 13260 Understated