Bank Print supplies question 5 attacheed in ss belowthanks for helpalptkgopwrhkwrhw Bank Print Supplies, Inc., sells laser printers and supplies. Bank Print Supplies, Inc., is a corporation subject to a 30% income tax.(Click the icon to view additional information.)Bank Print Supplies' income statement-excluding the effects of income tax under each of the average-cost, FIFO, and LIFO inventory costing methods is given.(Click the icon to view the income statement.)Read the requirementsCompute the company's income tax expense under the average-cost, FIFO, and LIFO inventory costing methods.Bank Print Supplies, Inc.Income StatementYear Ended December 31Sales revenueCost of goods soldGross profitOperating expensesNet income before taxAverage Cost FIFO$$$13,200 $ 13,200 $6,000 5,9437,200 $ 7,257 $4,050 4,0503,150 $ 3,207 $LIFO(b) The income taxes are minimized by using the13,2006,0607,1404,0503,090Income tax expenseWhich method would you select to (a) maximize income before tax and (b) minimize income tax expense?(a) The income before taxes is maximized by using themethod of inventory costing.method of inventory costing. Bank Print Supplies, Inc., sells laser printers and supplies. Bank Print Supplies, Inc., is a corporation subject to a 30% income tax.i (Click the icon to view additional information.)Bank Print Supplies' income statement-excluding the effects of income tax under each of the average-cost, FIFO, and LIFO inventory costing methods-is given.(Click the icon to view the income statement.)Read the requirements.RequirementsCompute the company's income tax expense under the average-cost, FIFO, andLIFO inventory costing methods. Which method would you select to (a) maximizeincome before tax and (b) minimize income tax expense? (Round your answer tothe nearest whole dollar.)More infoPrintDoneAssume Bank started the year with 90 containers of ink (average cost of $9.20each, FIFO cost of $8.80 each, LIFO cost of $7.90 each). During the year, thecompany purchased 720 containers of ink at $10.10 and sold 600 units for $22.00each. Bank paid operating expenses throughout the year, a total of $4,050.PrintDoneXg methoXData tableSales revenueCost of goods soldGross profitOperating expensesNet income before tax$$Bank Print Supplies, Inc.Income StatementYear Ended December 31Average CostFIFO13,200 $6,000Print7,2004,0503,150 $Done13,200 $5,9437,2574,0503,207 $LIFO13,2006,0607,1404,0503,090XNext

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Income Tax Expenses - Income Tax Expenses are the tax on income earned by the company. Income before…

Business

Accounting

Compute the company's income tax expense under the average-cost, FIFO, and LIFO inventory costing methods. Bank Print Supplies, Inc. Income Statement Year Ended December 31 Sales revenue Cost of goods sold Gross profit Operating expenses Net income before tax Average Cost FIFO $ $ $ 13,200 $ 13,200 $ 6,000 5,943 7,200 $ 7,257 $ 4,050 4,050 3,207 S 3,150 $ LIFO 13,200 6,060 7,140 4,050 3,090 Income tax expense Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? (a) The income before taxes is maximized by using the method of inventory costing. (b) The income taxes are minimized by using the method of inventory costing.

Compute the company's income tax expense under the average-cost, FIFO, and LIFO inventory costing methods. Bank Print Supplies, Inc. Income Statement Year Ended December 31 Sales revenue Cost of goods sold Gross profit Operating expenses Net income before tax Average Cost FIFO $ $ $ 13,200 $ 13,200 $ 6,000 5,943 7,200 $ 7,257 $ 4,050 4,050 3,207 S 3,150 $ LIFO 13,200 6,060 7,140 4,050 3,090 Income tax expense Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? (a) The income before taxes is maximized by using the method of inventory costing. (b) The income taxes are minimized by using the method of inventory costing.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 31BEB

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