The following comparative information is available for Sandhill Co. for 2022. LIFO FIFO Sales revenue $93,000 $93,000 Cost of goods sold 36,000 33,500 Operating expenses (including depreciation) 29,000 29,000 Depreciation 11,000 11,000 Cash paid for inventory purchases 17,600 17,600 Your answer is correct. Determine net income under each approach. Assume a 30% tax rate. LIFO FIFO Net income $ 19600 $ 21350 e Textbook and Media X Your answer is incorrect. 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 $ 39000 $ 35750 e Textbook and Media