ABC Co. had an inventory of 1,875 hammers valued at $5.00 each to begin the month. ABC sold 1,000 hammers on the 15th of the month and purchased 3,500 hammers on the last day of the month at $5.80 each. Required:

(1) If ABC uses the perpetual inventory system, what is ABCs inventory on a LIFO basis as of the end of this month?

(2) If ABC uses the periodic inventory system, what is ABCs inventory on a LIFO basis as of the end of this month?