QUESTION 22 The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 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 average cost method? Use the information provided in the table to answer this question O a $1,380 Ob.1,510 O c. $1,375 Od. 1,250