Identify the misstatement in valuation of the December 31,2016, inventory for Company D by assuming that FIFO inventory valuation is used and explain the answer if the January 26,2017, acquisition was for 2,300 binders at $2.12 each.

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Chapter 21, Problem 11RQ

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Identify the misstatement in valuation of the December 31,2016, inventory for Company D by assuming that FIFO inventory valuation is used and explain the answer if the January 26,2017, acquisition was for 2,300 binders at $2.12 each.

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