Included in the December? 31, 2016 ?, inventory of the South Town Supply Company are 2,100 deluxe ring binders in the amount of ?$6,145 . An examination of the most recent acquisitions of binders showed the following? costs: January? 26, 2017 ?, 1,800 at $ 2.98 ?each; December? 6, 2016 ?, 1,600 at $ 2.85 ?each; November? 26, 2016 ?, 2,000 at $ 2.57 each.

What is the misstatement in valuation of the December? 31, 2016 ?, inventory for deluxe ring? binders, assuming FIFO inventory? valuation?

What would your answer be if the January? 26, 2017 ?, acquisition was for 1 comma 800 binders at ?$2.62 ?each?