The inventory of the Baffin Coal Company on June 30 shows 800 tons at S60 per ton. A physical inventory on July 31 shows a total of 900 tons on hand. Revenue from sales of coal for July totals $105,000. The following purchases were made during July: July 5, 900 tons at $55 per ton; July 15, 300 tons at $54 per ton; July 25, 350 tons at $53 per ton. Compute the inventory value as of July 31, using (a) FIFO and (b) LIFO. Compute the gross profit using each method. Compute the inventory value as of July 31. Begin by computing the ending inventory value using FIFO (First-in, First-out). (Leave any unused cells blank. Do not enter a "0" for any zero balances.)