The following lots of Commodity Z were available for sale during the year.

Beginning inventory	9 units at $48
First purchase	19 units at $55
Second purchase	53 units at $59
Third purchase	14 units at $57

The firm uses the periodic system, and there are 26 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. $1,248

b. $1,367

c. $1,506

d. $5,402