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The following lots of Commodity Z were available for sale during the year. Beginning...

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Accounting

The following lots of Commodity Z were available for sale during the year.
Beginning inventory
First purchase
Second purchase
Third purchase
8 units at $52
17 units at $53
51 units at $58
14 units at $58
The firm uses the periodic inventory system, and there are 23 units of the commodity on hand at the end of the year.
What is the ending inventory balance of Commodity Z using LIFO?
a. $1,196
b. $1,211
c. $1,334
d. $5,087
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