The following lots of a Commodity P were available for sale during the year.

Beginning inventory5 units at $61First purchase15 units at $63Second purchase10 units at $74Third purchase10 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 amount of cost of goods sold for the year according to the LIFO method?

a.$1,375

b.$1,510

c.$1,380

d.$1,250