Use the following to answer questions 11-14 Ace Industries had the following inventory transactions occur during 2016: /1/2016 Purchase /14/2016 Purchase /1/2016 Purchase Units 18 31 Cost/unit $45 S47 $49 The company sold 51 units at $63 each and has a tax rate of 30%. 71-5?ao 11. Assuming that a periodie inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars) A) $2,441 B) $2,365 C) $848 D) $772 12. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars) A) $772 B) $848 C) $594 D) $540 13. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) A) $2,441 B) $2,365 C) $848 D) $772 14. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) A) $772 B) $848 C) $594 D) $540