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Eleanor Copy Center sells laser printers and supplies. Eleanor Copy Center started the year with 100 containers of ink (average cost of $9.10 each, FIFO

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Eleanor Copy Center sells laser printers and supplies. Eleanor Copy Center started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, Eleanor Copy Center purchased 800 containers of ink at $10.00 and sold 600 units for $20.00 each. Eleanor Copy Center paid operating expenses throughout the year, a total of 4,050. Eleanor Copy Center's 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.) Eleanor Copy Center is a corporation subject to a 35% income tax. Compute Eleanor Copy Center's income tax expense under the average, 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) Eleanor Copy Center Income Statement Year Ended December 31 Average Cost $ 12,000 $ 5,940 LIFO FIFO 12,000 $12,000 5,840 6,000 6,160 $ 6,000 4,050 4,050 2,110 $ 1,950 Sales revenue Cost of goods sold Gross profit Operating expenses Net income before tax Income tax expense $ 6,060 $ 4,050 $ 2,010 $

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