Question: Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: 5 units

Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: 5 units at $61 Beginning inventory 15 units at $63 First purchase 10 units at $74 Second purchase Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year merchandise sold for the year according to the LIFO method? What is the am nt of cost Oa. $1,510 b. $1,250 Oc. $1,375 d. $1,380

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