The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $48 First purchase 18 units at $55 Second purchase 27 units at $56 Third purchase 16 units at $59 The firm uses the periodic inventory system. During the year, 43 units of the item were sold. The value of ending inventory using FIFO is a. $1,504 b. $2,494 c. $1,888 d. $1,203