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

Beginning inventory	10 units at $47.00
First purchase	17 units at $54.00
Second purchase	26 units at $55.00
Third purchase	15 units at $62.00

The firm uses the periodic system, and there are 22 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.

$1,034.00

$1,315.00

$3,726.00

$3,748.00