Alto Ltd. uses the periodic inventory system and had the following inventory information available: Date Jan 1 Jan 20 Jul 25 Nov 20 Units Beginning Inventory Purchase Purchase Purchase 200 1000 200 600 Unit Cost 58 110 112 14 Total Cost 1600 10000 2400 8400 A physical count of inventory on December 31 showed that there were 700 units on hand Instructions Answer the following independent questions in the space provided (Enter whole numbers without decimal points. Only enter decimal points upto 2 decimal places, if your answer is not a whole number).

(a) Assume that the company uses FIFO. The value of the ending inventory at December 31 is $

(b) Assume that the company uses average cost. The value of the ending inventory on December 31 is $