The following comparative information is available for Cullumber Company for 2022.

LIFO FIFO

Sales revenue $88,000 $88,000

Cost of goods sold 38,000 34,200

Operating expenses (including depreciation) 29,000 29,000

Depreciation 9,000 9,000

Cash paid for inventory purchases 19,070 19,070

Determine net income under each approach. Assume a 30% tax rate.

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.

Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.)