Ultimate Copy Centre Ltd. uses laser printers. The company started the year with 90 containers of ink (weighted average cost of $9.30 each, FIFO cost of $8.70 each). During the year, Ultimate opy Centre purchased 610 containers of ink at $10.30 each and sold 620 units for $22.00 each. The company paid operating expenses throughout the year, to a total of $3,500. Ultimate Copy Centre's income statement excluding the effects of income tax under each of the weighted average-cost and FIFO inventory costing methods- is given. Ultimate Copy Centre is a corporation subject to a 19% income tax. (Click the icon to view the income statement.) Compute Ultimate Copy Centre's income tax expense under the weighted average cost and FIFO inventory costing methods. Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? Compute Ultimate Copy Centre's income tax expense using the weightec-average-cost and FIFO inventory costing methods. (Round your answer to the nearest whole dollar.) - X Income Statement FIFO Ultimate Copy Centre Ltd. Income Statement For the Year Ended December 31, 2020 Weighted Average Cost Sales revenue $ 13,640 $ Cost of goods sold 6,305 Gross profit S 7,335 S Operating expenses 3,500 Net income before tax $ 3.835 $ 13,640 6,242 Ultimate Copy Centre Ltd. Income Statement For the Year Ended December 31, 2020 Weighted Average cost 7,398 3,500 FIFO 3,898 Sales revenue $ 13.640 S 13,640 6.305 6,242 Income tax expense Cost of goods sold Gross profit $ 7.335 $ 7,398 3,500 3.500 Which method would you select to (a) maximize income before tax and (b) minimize income tax expense? (a) The income before taxes is maximized by using the method of inventory costing. Operating expenses $ 3.835 S 3,898 Net income before tax (b) The income taxes are minimized by using the method of inventory costing. Print Done Enter any number in the edit fields and then con FIFO weighted average-cost