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. (Click the icon to view the income statement.) Read the requirements. 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 Compute the company's income tax expense under the average-cost, FIFO, and LIFO inventory costing methods. Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? (Round your answer to the nearest whole dollar.) Average Cost FIFO LIFO Sales revenue $ 12,685 $ 12,685 $ 5,841 5,829 12,685 5,959 Cost of goods sold Gross profit $ 6,844 $ 6,856 $ 6.726 5,000 5,000 5,000 Operating expenses $ 1,844 $ 1,856 $ 1,726 Net income before tax 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 (b) The income taxes are minimized by using the method of inventory costing. method of inventory costing. Calculator average-cost FIFO LIFO Data table Print Done Corse Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost FIFO LIFO Sales revenue $ 12,685 $ 12,685 $ 12,685 5,841 5,829 5,959 Cost of goods sold Gross profit 6,844 6,856 6,726 5,000 5,000 5,000 Operating expenses $ 1,844 $ 1,856 $ 1,726 Net income before tax Print Done More info Assume Corse started the year with 100 containers of ink (average cost of $8.70 each, FIFO cost of $8.80 each, LIFO cost of $7.70 each). During the year, the company purchased 600 containers of ink at $10.10 and sold 590 units for $21.50 each. Corse paid operating expenses throughout the year, a total of $5,000. Print Done Time Remaining: 02:28:01 Next