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

Beginning inventory	11 units at $48.00
First purchase	18 units at $51.00
Second purchase	53 units at $55.00
Third purchase	16 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.

$5,337.00

$1,581.00

$1,344.00

$1,296.00