Included in the December 31,2016, inventory of the Little LambSupply Company are 2,900 deluxe ring binders in the amount 6,382. An examination of the most recent acquisitions of binders showed the following costs: January 26,2017.$2,600 at $2.21 each; December 6,20162016,500 at $ 2.18 $2.18 each; November 26,2016, 2,800 at $$2.08 each. What is the misstatement in valuation of the December 31,20162016, inventory for deluxe ring binders, assuming FIFO inventory valuation? What would your answer be if the January 26,2017, acquisition was 2,600 binders at $2.12 each?

What is the misstatement in valuation of the December 31,20162016,

inventory for deluxe ring binders, assuming FIFO inventory valuation?

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Assuming FIFO inventory valuation, the December 31, 2016 inventory balance for deluxe ring binders should be								.
As such, the ending inventory balance of	$6,382	at December 31, 2016 is		by		.