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What the december inventory balance for deluxe

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Included in the December 31 2016 inventory, top dog supply company are 2500 deluxe ring binders in the amount of 6785. An examination of the most recent aquisitions of binders showed the following costs: January 26,2017 - 1900 binders at $2.78 each; December 6, 2016 - 1800 binders ar $2.75 each; November 26 2016- 2100 at $2.45 each.

Question 1: According to the FIFO inventory valuation, the December 31, 2016 inventory balance for deluxe binders should be

Question 2: As such, the ending inventory balance of 6785 at December 31 2015 is (Under or overstated ) by

Reference no: EM132601113

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