A company starts business on 1 January. In that month it buys 300 grecks at £40 each, then 200 at £50 each. On the last day of the month it sells 400 grecks. If it uses FIFO to value inventory, what is the inventory value at 31 January?

(a) £4,500

(b) £4,000

(c) £5,000

(d) £5,500