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The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow. 10 units at 550 Sunits at $55 Beginning inventory First purchase Second purchase Third purchase 15 units at $60 10 units at $65 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance using the LIFO method? Use the information provided in the table to answer this question O a. 51.490 D. $1.250 Ot $1.075 Od 51,375