Question 6 (2.5 points) NOTE: You will use the following information to answer Questions 6, 7 AND 8. The 2020 inventory data for one of Lintil Company's inventory items is presented below. Assume that Lintil uses periodic inventory tracking. Beginning inventory (purchased in 2019) 100 units (p 54 per uri 140 units as per unit 80 units per unit Purchases Purchase I on 25/20 Purdusse 2 on 7/6/20 Sales: Sale 1 on 3/30/20 Sale 2c 10/30/20 80 units Sl per unit 160 units SI per unit What is "Cost of Goods Sold" on the 2020 Income Statement if Lintil uses the LIFO cost flow assumption? $480 $1,100 $1,260 $320 Question 7 (2.5 points) The 2020 inventory data for one of Lintil Company's inventory items is presented below. Assume that Lintil uses periodic inventory tracking. Reginning Inventory (purchased in 2019) 100 units 34 per un 1:40 units per unit 80 units 56 per unit Perchases Purchase on 2520 Purdusse 2 on 7/6/20 Sales: Salelo 3/20/20 Sale 2 on 10/30/20 80 units to per unit 160 units ( SIBper What is "Inventory" on the 12/31/20 Balance Sheet if Lintil uses the FIFO cost flow assumption? $480 $1,100 $1,260 $320 Question 8 (2.5 points) The 2020 inventory data for one of Lintil Company's inventory items is presented below. Assume that Lintil uses periodic inventory tracking. 100 units (p 54 per uri Beginning Inventory (purchased in 2019) Purchases Purchase I on 25/20 Purchase 2 on 7/6/20 Sales: Sale 1 on 3/30/20 Sale 2 on 10/30/20 140 units as per unit 80 units 56 per unit 80 units Sl per unit 160 units i per un What is "Gross Margin" on the 2020 Income Statement if Lintil uses the Weighted Average cost flow assumption? $395 $4,160 $1,185 $2,975