Included in the December $31,2023,$ inventory of the Night Owl Supply Company are $2,800$ deluxe ring binders in the amount of $$8,488.$ An examination of the most recent acquisitions of binders

showed the following costs: January $26,2024,2,400$ at $$3\mathrm{.}05$ each; December $6,2023,2,100$ at $$3\mathrm{.}02$ each; November $26,2023,2,600$ at $$2\mathrm{.}78$ each. What is the misstatement in valuation of the

December $31,2023,$ inventory for deluxe ring binders, assuming FIFO inventory valuation? What would your answer be if the January $26,2024,$ acquisition was for $2,400$ binders at $$2\mathrm{.}84$ each?

What is the misstatement in valuation of the December $31,2023,$ inventory for deluxe ring binders, assuming FIFO inventory valuation?

Using FIFO, the $12/31/23$ inventory balance for deluxe ring binders should be

The ending inventory balance of $$8,488$ at $\frac{12}{31}\frac{?}{23}$ is

The amount of the misstatement is