The following comparative information is available for Rose Company for 2017.

LIFO FIFO Sales revenue $86,000 $86,000

Cost of goods sold 38,000 29,000

Operating expenses (including depreciation) 27,000 27,000

Depreciation 10,000 10,000

Cash paid for inventory purchases 32,000 32,000

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

LIFO FIFO

Net Income $ $