The following lots of Commodity Z were available for sale during the year. Beginning inventory First purchase Second purchase 7 units at $48 17 units at $54 Third purchase 51 units at $55 19 units at $65 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 ending inventory balance at the end of the year according to the LIFO method? Oa. $1,056 Ob. $5,294 Oc. $1,400 Od. $1,146