The Sheridan Shop shows the following data related to an item of inventory:

Inventory, January 1		295 units		@ $4.00
Purchase, January 9		970 units		@ $4.50
Purchase, January 19		245 units		@ $5.00
Inventory, January 31		295 units

(a)

What value should be assigned to the ending inventory using FIFO?

Value assigned to the ending inventory

$

(b)

lifo