No. 12 (3 pts.) Eli ltd was established on January 1, 2020. The company chose to manage its inventory using the periodic method. The following information was taken from the company income statement for 2020 (in USO thousands) (assume there are no other amounts related to the income statement for 2020): Revenues - X, Financial expenses - $40, Net income - $700, Purchases, net - Y, Beginning inventory - W, Sales and marketing expenses - $480,Tax expenses - $530, General and administration Payroll expenses - $70,Ending inventory - Z. Ending inventory cost as of December 31, 2020 is $260,but end of the year review indicated that the market value of inventory on hand is $240 ,Final net income for the 2020 year is 25% of revenues. What is the purchases, net amount booked in 2020? a. $1,240 b. $1,260 C. $740 d. $800 e. $1,220