G.12. Sales revenueCost of goods soldOperating expenses (including depreciation)DepreciationCash paid for inventory purchasesNet income$eTextbook and MediaLIFOeTextbook and MediaNet cash provided by operating activities $LIFOQuality of earnings ratio$81,000 $81,00038,00031,000Determine net income under each approach. Assume a 30% tax rate.30,000LIFO9.10038,000FIFO$30,0009,100Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and thatincome taxes and operating expenses, other than depreciation, were on a cash basis.38.000FIFOLIFOCalculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, eg. 5.15.)$FIFOFIFO

Income Statement :— It is one of the financial statement that shows profitability, total revenue and…

Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation. Cash paid for inventory purchases Net income $ eTextbook and Media LIFO eTextbook and Media Net cash provided by operating activities $ LIFO $81,000 38,000 Quality of earnings ratio 30,000 Determine net income under each approach. Assume a 30% tax rate. LIFO 9.100 38,000 FIFO $ $81,000 31,000 30,000 9,100 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. 38.000 FIFO LIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) $ FIFO FIFO