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The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $50 First purchase 16 units at $55

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

Beginning inventory 9 units at $50
First purchase 16 units at $55
Second purchase 25 units at $55
Third purchase 15 units at $59

The firm uses the periodic system, and there are 21 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?

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