Included in the December 31, 2018, inventory of Kupitz Supply Ltd. are 2600 deluxe ring binders in the amount of $5902. An examination of the most recent purchases of binders showed the following costs: January 26, 2019, 2300 at $2.42 each; December 6, 2018, 1900 at $2.28 each; and November 26, 2018, 2400 at $2.07 each. What is the misstatement in valuation of the December 31, 2018, inventory for deluxe ring binders assuming FIFO inventory valuation? What would your answer be if the January 26, 2019, purchase were for 2300 binders at $2.12 each?