The units of an item available for sale during the year were as follows: Jan 1 Inventory 12 units at 121 April 15 Purchase 131 units at 116 September 9 Purchase 25 units at 120 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)