The following lots of a particular commodity were available for sale during the year

Beginning inventory	12 units at $51.00
First purchase	17 units at $52.00
Second purchase	55 units at $56.00
Third purchase	17 units at $61.00

The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method?

Select the correct answer.

$1,377.00

$1,597.00

$1,392.00

$5,613.00