Soumahoro, Rahman, & Hoque Partners show the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 7,560 5,900 1,783 128 684 853 How much more will the company report in income tax if it elects FIFO instead of LIFO? Liang Chen's bridal store gets gowns from Weng Manufacturing Liang Chen purchased dresses from Weng on July 17 and got an invoice for $5,900 and payment terms of 110, 1/30. Liang Chen uses the net method to record purchases. Liang Chen should record the purchase at: Multiple Choice Sookrom & Wu Mechanical's adopts a periodic inventory system and the average cost retail method to calculate ending inventory and cost of goods sold The following is avaliable for the month of June 2021 Cost $ 80,000 261,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $130,000 500,000 25,000 35,000 520,000 The average cost-to-retail percentage is