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The following comparative information is available for Culver Corporation for 2022. LIFO FIFO Sales revenue $94,000 $94,000 Cost of goods sold 38,000 32,800 Operating expenses
The following comparative information is available for Culver Corporation for 2022.
LIFO | FIFO | |||
---|---|---|---|---|
Sales revenue | $94,000 | $94,000 | ||
Cost of goods sold | 38,000 | 32,800 | ||
Operating expenses (including depreciation) | 28,000 | 28,000 | ||
Depreciation | 9,000 | 9,000 | ||
Cash paid for inventory purchases | 13,680 | 13,680 |
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.
LIFO | FIFO | |||
---|---|---|---|---|
Net cash provided by operating activities | $ | $ |
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