Eleanor Print Supplies, Inc, sels laser printers and supplies. Eleanor Print Supples, Inc., is a corporation subject to a 35% income tax. (Click the icon to view additional information.) Eleanor 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 Compute the company's income tax expense under the average-cost, FIFO, and LIFO Inventory costing methods. Eleanor Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost FIFO LIFO Sales revenue $ 12.2005 12,200 $12,200 Cost of goods sold 6,161 6.072 6.222 Gross profit $ 6.039 $ 6.126 $5.978 Operating expenses 4,200 4.200 4,200 Net income before tax 1,8395 1,928 $1,778 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 vares Levenue 12,200 $ 12,200 $12,200 Cost of goods sold 6,161 6,072 6,222 Gross profit $ 6,039 $ 6,128 $ 5,978 Operating expenses 4,200 4,200 4,200 $ Net income before tax 1,839 $ 1,928 $ 1,778. 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. ntory costing. average-cost FIFO LIFO R 5 tv D C Operating expenses Net income before tax Income tax expense 4,200 4,200 4,200 1,839 $ 1,928 $ 1,778 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. average-cost FIFO LIFO osting Data table Eleanor Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost FIFO LIFO Sales revenue $ 12,200 $ 12,200 $ 12,200 Cost of goods sold 6,161 6,072 6,222 Gross profit 6,039 6,128 5,978 Operating 4,200 4,200 4,200 expenses expens Net income before $ 1,839 $ 1,928 $ 1,778 tax ing. Print Done - X