5. MC.07.76.ALGO (Algorithmic) The following units of an inventory item were available for sale during the year: 9 units at $51 19 units at $53 Beginning inventory First purchase Second purchase Third purchase 22 units at $56 15 units at $61 The firm uses the periodic inventory system. During the year, 43 units of the item were sold. The value of ending inventory using FIFO is a. $2,314 b. $1,046 C. $1,766 d. $1,307