Question

Exercise 6-8 The following comparative information is available for Culver Corporation for 2017. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation LIFO FIFO $93,430 $93,430 37,860 29,750 29,280 29,280 9,200 9,200 32,380 32,380 Cash paid for inventory purchases Determine net income under each approach. Assume a 30s % tax rate. LIFO FIFO Net income LINK TO TEXT 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. LIFO FIFO Net cash provided by operating activities: