The following lots of Commodity Z were available for sale during the year. Beginning inventory 11 units at $49 First purchase 18 units at $53 Second purchase 53 units at $56 Third purchase 16 units at $58 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 ending inventory balance at the end of the year according to the LIFO method? a. $1,323 b. $5,389 c. $1,544 d. $1,387

The following lots of Commodity Z were available for sale during the year. 11 units at $49 18 units at $53 Beginning inventory First purchase Second purchase Third purchase 53 units at $56 16 units at $58 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 ending inventory balance at the end of the year according to the LIFO method? a. $1,323 b. $5,389 c. $1,544 d. $1,387