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The following lots of a particular commodity were available for sale during the year Beginning...

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Accounting

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The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $48 First purchase 17 units at $53 23 units at $20 Second purchase Third purchase 17 units at $63 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations. a. $1,296 b. $1,376 c. $1,271 d. $1,175

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