Excerpts from the annual report of XYZ Corporation follow: Cost of goods sold Inventory Net income Retained earnings LIFO reserve Tax rate 2020 $754,661 $219,686 $31,185 $68,685 $26,900 20% 2019 $675,138 $241,154 $64,150 $93,650 $25,100 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a a. $34,165 O b b. $30,375 O c. $32,625 d. $36,545 Excerpts from the annual report of XYZ Corporation follow: Cost of goods sold Inventory Net income Retained earnings LIFO reserve Tax rate 2020 $754,661 $219,686 $31,185 $68,685 $26,900 20% 2019 $675,138 $241,154 $64,150 $93,650 $25,100 20% If XYZ used FIFO, its retained earnings as of the end of fiscal 2020 would be a. $90,205 b. $68,685 c. $93,745 O d. $52,415 The following information was extracted from MSU Inc.'s 2020 annual report: Common stock - 100 million shares outstanding Preferred stock ($10 par, 10%, convertible into 2 shares of common stock) - 50 million shares outstanding Options - 1 million options, each to purchase one common share at $50 per share Market price of stock - Beginning of year = $73; End of year = $81; Average for year = $78 Preferred dividends paid =$50 million Net income for 2020 = $400 million Diluted earnings per share for 2020 is O a. $2.03 b. $3.49 c. $3.77 d. $2.99