This is accounting $-$ A medical lab uses medical substances for its tests. It started the year on January $1,$ with an inventory of $3,000$ doses of that medical substance that cost $$20$ per dose. On January $3$ it purchased another $1,000$ doses for $$24$ each. From January $3$ through June $30$ it used $2,600$ doses. On July $1$ it bought $700$ more

doses at $$29$ each. From July $2$ through the end of the year it used $1,500$ doses.

Questions:

$1.$ What is the inventory value at the end of the year, assuming LIFO?

$2.$ What is the inventory value at the end of the year, assuming FIFO?