Shrinkage Losses
at Year-End, the Perpetual Inventory Records of James

Shrinkage losses
At year-end, the perpetual inventory records of James Products indicate 105 units of a particular product in inventory, acquired at the following dates and unit costs:
$\begin{array}{|l|c|c|c|}\hline \text { Acquisition Date } & \text { Quantity } & \begin{array}{c}\text { Unit Cost } \\(\$)\end{array} & \begin{array}{c}\text { Total Cost } \\(\$)\end{array} \\\hline \text { 3 May } & 45 & 25 & 1,125 \\\hline \text { 9 Sept } & \underline{60} & 39 & \underline{2,340} \\\hline \text { Total on hand } & \underline{105} & & \underline{3,465} \\\hline\end{array}$ However, a complete physical inventory taken at year-end indicates only 93 units of this product actually are on hand.
Determine the dollar amount of the shrinkage loss assuming that James uses: $$\begin{array} { | l | l | } \hline \text { (a) A LIFO flow assumption. } & \$\_\_\_\_\\\hline \text { (b) A FIFO flow assumption. } & \$ \_\_\_\_\\\hline\end{array}$$