On July 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 500000 plus installation costs of $ 60000 that were necessary to make the equipment operational. ABC. Ltd. has a December 31, fiscal year end and uses the straight line depreciation method. The piece of equipment is expected to have a useful life of 12 years at which time it will have a residual value of $ 50000. What is the book value of the equipment as of December 31, year 3. Round your answer to the nearest dollar.

ABC Co, Ltd. sells only one product. At the beginning of the year, ABC. Co. had 20000 units of inventory at $ 2 per unit. During the year ABC. Co. Ltd. sold 7000 of product at $ 20 per unit. During the year, ABC Co. Ltd. purchased 8000 units of product at $ 8 per unit. How much is the total value of inventory at the end of the year if ABC. Co. Ltd. uses the FIFO method of inventory valuation in a periodic system?