The following lots of Commodity Z were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 7 units at $52 16 units at $55 22 units at $56 13 units at $58 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. $1,248 b. $3,230 c. $3,206 d. $1,370