Question Completion Status: Monitor Company uses the LIFO method for valuing its ending inventory. The following financial statement information is available for its first your operation: Monitor Company Income Statement For the year ended December 31 Sales $50,000 Cost of goods sold. 23,000 Gross profit $27.000 Expenses 13,000 Income before taxes $14.000 Monitor's ending inventory using the LIFO method was $8,200 Monitor's accountant determined that had the company used FIFO, the ending inventory would have been $8,500. a. Determine what the income before taxes would have been, had Monitor used the FIFO method of inivonidity valuation instead of LIFO. b. What would be the difference in income taxes between LIFO and FIFO, assuming a 30% tax rate? c. If Monitor wanted to lower the amount of income taxes to be paid, which method would it choose? Save All Answers Save and Submit Click Save and submit to save and submit. Click Save All Ansters to sore all ansters