Question
The following comparative information is available for Crane Company for 2025. LIFO FIFO Sales revenue $83,000 $83,000 Cost of goods sold 37,000 31,800 Operating
The following comparative information is available for Crane Company for 2025. LIFO FIFO Sales revenue $83,000 $83,000 Cost of goods sold 37,000 31,800 Operating expenses (including depreciation) 27,000 27,000 Depreciation Cash paid for inventory purchases 10,000 10,000 26,385 26,385 Determine net income under each approach. Assume a 30% tax rate. Net income eTextbook and Media LIFO FIFO $ 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. Net cash provided by operating activities eTextbook and Media LIFO FIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) Quality of earnings ratio LIFO FIFO
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