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

   Beginning inventory	9 units at $52.00
   First purchase	16 units at $54.00
   Second purchase	28 units at $57.00
   Third purchase	17 units at $58.00

   The firm uses the periodic system, and there are 24 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 FIFO method?

   Select the correct answer.

   $1,385.00

   $3,890.00

   $1,248.00

   $3,914.00