W5a Company began business on the first day of 2019. 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 55 units 100 units Cost per unit $10 $12 $13 On October 20, 2019, 135 units were sold, for $35 each, leaving inventory of 120 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? O $1540 O $1200 O $1440 O $1240 Suppose the Company uses FIFO for inventory valuation. What is the net income for 2019? O $2328.75 O $2478.75 O $2253.75 $3305 Suppose the Company uses LIFO for inventory valuation and a perpetual inventory_system. What is the gross profit for 2019? O $3005 O $3105 O $3265 $3305