Exercise 6-08 a-ci The following comparative information is available for Pronghorn Corp for 2022. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases LIFO $89,000 37,000 27,000 10,000 20,750 FIFO $89,000 29,000 27,000 10,000 20,750 Your answer is correct. Determine net income under each approach. Assume a 30% tax rate. LIFO FIFO Net income I 17,500 23,100 LINK TO TEXT x Your answer is incorrect. Try again. Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. LIFO FIFO Net cash provided by operating activities 27,500 33,100 LINK TO TEXT x Your answer is incorrect. Try again. Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) LIFO FIFO Quality of earnings ratio 1.43 LINK TO TEXT