Elite Traders uses the LIFO method for inventory valuation. It reported the following information in its financial statements: 2008 cost of goods sold = $3.9 million 2009 cost of goods sold = $5.3 million 2009 beginning LIFO reserve = $500,000 Elite Traders estimates that if it used the FIFO method for inventory valuation, its 2008 and 2009 cost of goods sold would be $3.1 million and $4.7 million respectively. Elite Traders' 2009 ending LIFO reserve is closest to:

a.1,100,000

b.100,000

c.1,300,000