1. The following units of an inventory item were available for sale during the year:

   Beginning inventory	11 units at $47
   First purchase	17 units at $53
   Second purchase	20 units at $57
   Third purchase	15 units at $58

   The firm uses the periodic inventory system. During the year, 37 units of the item were sold.

   The value of ending inventory using FIFO is

   a.$1,198

   b.$2,398

   c.$2,014

   d.$1,497