Reference no: EM13684061

The following comparative information is available for Keysor Company for 2014.

LIFO

FIFO
Sales revenue $88,900 $88,900
Cost of goods sold 38,400 19,100
Operating expenses (including depreciation) 27,800 27,800
Depreciation 14,400 14,400
Cash paid for inventory purchases 37,100 37,100
Determine net income under each approach. Assume a 33% tax rate.

LIFO

FIFO
Net income $ $

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 $ $

Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.)

LIFO
FIFO
Quality of earnings ratio
Click if you would like to Show Work for this question:
Open Show Work