Question: Albany Addictive Apples counted and valued its inventory using FIFO on December 3 1 , 2 0 1 3 and on December 3 1 ,

Albany Addictive Apples counted and valued its inventory using FIFO on December 31,2013 and on December 31,2014 and reported the calculated values on each respective balance sheet. Albany Additive Apples had zero consignment inventory on hand at December 31,2014 and had some consignment on hand at December 31,2013. If consignment inventory had erroneously been counted and included in inventory in the December 31,2013 count, which of the following is true?

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