The Winchester Store shows the following information relating to Commodity A, which it handles.

Inventory, January 1: 100 units @ $6.50 

Purchases for January: 400 units @ $7.00 

Inventory, January 31: 175 units

a. What value should be assigned to the ending inventory, assuming the use of LIFO?

b. What is the cost of goods sold for January, assuming the use of FIFO?

c. What is the value of the ending inventory, assuming cost is determined on the basis of a weighted average and valuation is at cost-or-market, whichever is lower? Market on January 31 is $6.75.