The Brooklyn Clinic maintains and sells inventories of medical supplies for its patients. The following represents the activity for the past fiscal year:

Beginning inventory of 100 medical supplies at $1,000 each Purchased 200 medical supplies at $1,250 each in February Purchased 100 medical supplies at $1,500 each in October Sold 350 medical supplies for the year at $2,500 each Calculate the inventory expense and ending inventory values under the FIFO and LIFO inventory methods.