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

Beginning inventory	12 units at $50
First purchase	16 units at $51
Second purchase	55 units at $55
Third purchase	17 units at $65

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.$5,546

b.$1,600

c.$1,314

d.$1,300

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

Beginning inventory	7 units at $52
First purchase	15 units at $52
Second purchase	26 units at $58
Third purchase	14 units at $65

The firm uses the periodic system, and there are 24 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 FIFO method?

a.$3,538

b.$1,490

c.$3,562

d.$1,248