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Analyzing Operating Cash Flows (Direct Method) Lincoln Company owns no plant assets and reported the following income statement for the current year, Sales 5600.000 Cost of goods sold 3376.000 Wares expense 88.000 Rent expense 33.600 insurance experts 12.000 50.600 Net income 590.400 Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable End of Year Beg of Year 559.400 $53.900 66.000 72,600 3.300 7.700 24.200 19000 9.900 12.100 Calculate the net cash flow from operating activities using the direct method. Show a related cash flow for each revenue and expense Note: Do not use negative siges with any of your answers. Cash Flows from Operating Activities (Direct Method) Cash Recewed from Customers Cash Paid for Merchandise Purchased $ Cash Pad to Employees ON Cash Paid for Rent OX Cash Paid for insurance Ret Cach provided by Operating Activities 5 OX ON OX OX Compute its operating cash flow to current liabilities (OCFCL) ratio. (Assume current liabilities consist of accounts payable and wages payable) Round answer to two decimal places Consolidated Neelof Operatives (Ameen ideeds, mirpper shared Net Code of gods Chow Selling was Amortization of angle (Gandalf open ning Intellcome Interest Foreign exchange Other wome Income from coming before come tax pro Income tax pro Icon for conta Income from descontrol Notice Tranded September 200 2012 S 16/01 R900 67.986 A1.09 2.AIS 20 12.262 2016 2,874 (19) 13,766 WAT 024) (27) 32 471 23 (16) van (575) 13.846 9168 ANN 2.861 2.754 T6 10.234 S548 Answer the following questions as of September 30, 2013. Do not use decimals (round your answer unless otherwise stated. 1. (5 points) What is the reported book value of inventory reported by Als on their balance sheet? 2. (5 points What is the book value of inventory if the firm had used FIFO? 3. (5 pointsWhat is the cost of goods sold it the fun had used FIFO? 4. (5 points) Assuming a federal tax rate of 35% did AIS pay more or less taxes in 2013 compared to what it would have paid if they had not used LIFO as a cost flow assumption for some of their inventories? By how much (enter amount only. no sign? 5.15 points) Assume Als decides to follow IFRS under which UFO method is not allowed. Assuming a federal tax rate of 35%. what is your estimate of the total tax costs associated with switching from UFO to FIFO enter amount only no sien? 6.15 pointsMake the appropriate adjustments necessary to calculate Als's inventory tumover ratio such that it is reflective of the true economics of AIS's business tround your answer to two decimals only NOTE (Inventory turnover -COGS Avg, Inventory