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How do I calculate Income tax expense for Average cost, FIFO, and LIFO. The answer is not multiplying 0.25 by the net income before tax.

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How do I calculate Income tax expense for Average cost, FIFO, and LIFO. The answer is not multiplying 0.25 by the net income before tax.

Duffy Print Supplies, Inc., sells laser printers and supplies. Duffy Print Supplies, Inc., is a corporation subject to a 25% income tax. A (Click the icon to view additional information.) Duffy Print Supplies' income statement-excluding the effects of income tax under each of the average-cost, FIFO, and LIFO inventory costing methodsis given. E(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. Duffy Print Supplies, Inc. Income Statement * More Info Year Ended December 31 Average Cost FIFO L IFO Assume Duffy started the year with 90 containers of ink (average cost of $9.20 Sales revenue 12,980 $ 12,980 $12,980 each, FIFO cost of $8.80 each, LIFO cost of $7.90 each). During the year, the 5,900 5,842 5,959 company purchased 720 containers of ink at $10.10 and sold 590 units for $22.00 Cost of goods sold each. Duffy paid operating expenses throughout the year, a total of $3,775. Gross profit 7,080 $ 7,138 $ 7,021 Operating expenses 3,775 3,775 3,775 Print Done Net income before tax 3,305 $ 3,363 $ 3,246 Income tax expense

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