The following lots of a particular commodity were available for sale during the year Beginning inventory 7 units at $51.00 18 units at $54.00 First purchase Second purchase 54 units at $56.00 Third purchase 14 units at $58.00 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What i according to the LIFO method? Select the correct answer. $1,173,00 $1,316.00 $5,165.00 $1,221.00