Ulw Company began business on the first day of 2019. The following are the Company's purchases of inventory: Date Inventory Items Quantity Cost per unit March 17 Item A 100 units $10 May 19 Item B 55 units $12 Nov 14 Item C 100 units $13 On October 20, 2019, 120 units were sold, for $30 cach, leaving inventory of 135 units. The tax rate for 2019 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, 2019? $1350 $1420 $1720 $1620 Suppose the Company uses FIFO for inventory valuation. What is the net income for 2019? $1620 $1545 $1770 $2360 Suppose the Company uses LIFO for inventory valuation and a perpetual inventory system. What is the gross profit for 2019? $2160 $2290 $2360 $2060