Given the following information for Miller, Inc.: 
Sales 56,700
Required:
a. Determine the inventory value using the retail inventory method and the FIFO cost flow assumption. Round off any decimals to two places.
b. Determine the inventory value using the retail inventory method and the lower of average cost or market cost flow assumption.
Definitions:
Labor Costs
The total expenses related to employing personnel, including wages, benefits, taxes, and any other costs associated with workforce management.
Worker Productivity
A measure of labor efficiency, indicating the output volume produced per unit of labor input.
Talented Employees
Workers who possess significant skill, creativity, or knowledge that substantially benefits their organization.
Employee Performance
Employee Performance is the assessment of the efficiency and effectiveness of a worker's job activities and outcomes.
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