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The following lots of a Commodity P were available for sale during the year. Use this...

The following lots of a Commodity P were available for sale during the year. Use this information to answer the questions that follow.

Beginning inventory 5 units at $61
First purchase 15 units at $63
Second purchase 10 units at $74
Third purchase 10 units at $77

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The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year.

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What is the amount of cost of goods sold for the year according to the LIFO method?

Select one:

a. $1,510

b. $1,380

c. $1,375

d. $1,250

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