Question: The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 12 units at $49

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

Line Item DescriptionUnits and Cost
Beginning inventory12 units at $49
First purchase15 units at $51
Second purchase51 units at $58
Third purchase16 units at $58

The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year.

What is the ending inventory balance of Commodity Z using LIFO?

a.$1,251

b.$1,450

c.$1,225

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