Exercise 6-7 The following comparative information is available for Ayayal Corp. for 2017. LIFO FIFO Sales revenue $92,860 $92,860 Cost of goods sold 35,390 31,390 Operating expenses (Including depreciation) 29,240 29,240 Depreciation 10,410 10,410 Cash paid for inventory purchases 34,360 34,360 Determine net income under each approach. Assume a 30% tax rate. LIFO FIFO Net income $ 19,761 22,561 $ LINK TO TEXT Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and th than depreciation, were on a cash basis. LIFO FIFO Net cash provided by operating activities $ Click if you would like to Show Work for this question: Modify Show Work