LIFO FIFO Sales revenue $88,000 $88,000 Cost of goods sold 39,000 31.300 Operating expenses (including depreciation) 30,000 30,000 Depreciation 11.000 11,000 Cash paid for inventory purchases 31.646 31,646 Determine net income under each approach. Assume a 30% tax rate. LIFO FIFO Net income $ $ e Textbook and Media 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 $ $ e Textbook and Media Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.)