The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 18 units at $51 Second purchase 27 units at $56 Third purchase 16 units at $61 The firm uses the periodic inventory system. During the year, 50 units of the item were sold. The value of ending inventory using LIFO is a. $961 b. $1,161 c. $1,361 d. $400