RQ21-11 (similar to) Question Help Included in the December 31, 2016, inventory of the Little Lamb Supply Company are 2,300 deluxe ring binders in the amount of $6,634. An examination of the most recent acquisitions of binders showed the following costs: January 26, 2017, 2,000 at $2.88 each; December 6, 2016, 1,800 at $2.83 each, November 26, 2016, 2,100 at $2.63 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 2,000 binders at $2.66 each? What is the misstatement in valuation of the December 31, 2016, inventory for deluxe ring binders, assuming FIFO inventory valuation? Assuming FIFO inventory valuation, the December 31, 2016 inventory balance for deluxe ring binders should be S 6,409 As such, the ending inventory $ 225 $6,634 at December 31, 2016 is overstated by balance of What would your answer be if the January 26, 2017, acquisition was for 2,000 binders at $2.66 each? If the January 26, 2017, acquisition was for 2,000 binders at $2.66 each, the current ending inventory balance for deluxe ring binders should be by As such, the ending inventory balance of $6,634 at December 31, 2016 would be