Exercise 6-8 The following comparative information is available for Keysor Company for 2014. LIFO FIFO Sales revenue $88,900 $88,900 Cost of goods sold 38,400 19,100 Operating expenses (including depreciation) 27,800 27,800 Depreciation 14,400 14,400 Cash paid for inventory purchases 37,100 37,100 Determine net income under each approach. Assume a 33% tax rate. LIFO FIFO Net income $ $ 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 $ $ 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 Click if you would like to Show Work for this question: Open Show Work