Use the following information for the below three questions Ace Industries had the following inventory transactions occur during 2008: Units Cost/unit 2/1/08 Purchase 18 $45 3/14/08 Purchase 31 $47 5/1/08 Purchase 22 $49 The company sold 51 units at $63 each and has a tax rate of 30%.

19. Assuming that a periodic inventory system is used, what is the companys after-tax income using FIFO? (rounded to whole dollars) *

a. $772

b. $848

c. $594

d. $540

None of the options

20. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO? (rounded to whole dollars) *

a. $2,441

b. $2,365

c. $848

d. $772

None of the options

21. Assuming that a periodic inventory system is used, what is the companys after-tax income using Average Rate Method? (rounded to whole dollars) *

a. $772

b. $567

c. $594

d. $540

None of the options