The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 9 units at $50 First purchase 15 units at $53 Second purchase 51 units at $55 Third purchase 13 units at $62 The firm uses the periodic inventory system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,301 b. $4,856 c. $1,139 d. $1,100

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