M3h Company began business on the first day of 20X1. The following are the Company's purchases of inventory: Date March 17 May 19 Nov 14 Inventory Items Item A Item B Item C Quantity 100 units 70 units 100 units Cost per unit $10 $12 $13 On October 20, 20X1, 140 units were sold, for $20 each, leaving inventory of 130 units. The tax rate for 20X1 was 25%. The Company has no other operating expenses and uses a periodic inventory system. Required: Please choose the best answer to the following questions based on the above information. Suppose the Company uses LIFO for inventory valuation. What is the balance of the inventory account on December 31, 20X1? O $1300 O $1660 O $1360 O $1560 Suppose the Company uses FIFO for inventory valuation. What is the net income for 20X1? O $840 O $1320 $990 O $765 Suppose the Company uses LIFO for inventory valuation and a perpetual inventory system. What is the gross profit for 20X1? O $1320 $1020 O $1120 O $1260