The following lots of Commodity Z were available for sale during the year. Beginning inventory 11 units at $47 First purchase Second purchase Third purchase 19 units at $50 54 units at $57 17 units at $58 The firm uses the periodic system, and there are 28 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a. $5,531 b. $1,316 c. $1,613 d. $1,367