Question

Score: 0 of 1 pt 2 of 10 (7 complete) HW Score: 69.17%, 6.92 of 10 pts S6-5 (similar to) Question Help Corse Print Supplies, Inc., sells laser printers and supplies. Corse Print Supplies, Inc., is a corporation subject to a 25% income tax. i (Click the icon to view additional information.) Corse Print Supplies' income statement-excluding the effects of income tax under each of the average-cost, FIFO, and LIFO inventory costing methods—is given. BE: (Click the icon to view the income statement.) Read the requirements. Compute the company's income tax expense under the average-cost, FIFO, and LIFO inventory costing methods. Corse Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost FIFO L IFO Sales revenue 11,800 $ 11,800 $11,800 5,782 5,711 5,841 Cost of goods sold Gross profit 6,018 $ 6,089 $ 5,959 Operating expenses 4,200 4,200 4,200 Net income before tax 1,818 $ 1,889 $ 1,759 454.50 472.25 439.75 Income tax expense Enter any number in the edit fields and then click Check Answer. parts Answered: Homework: HL Final Check Clear All 2 remaining

Answer 1

		Average Cost	FIFO	LIFO
	Sales	$      11,800	$     11,800	$     11,800
Less:	Cost of goods sold	$        5,782	$       5,711	$        5,841
	Gross profit	$        6,018	$       6,089	$        5,959
Less:	Expenses	$        4,200	$       4,200	$        4,200
(i)	Income before taxes	$        1,818	$       1,889	$        1,759
(i) X 25%	Income tax expense @25%	$      454.50	$     472.25	$     439.75
	or (Rounded off)	$            455	$           472	$           440