Win Company, which uses the FIFO Inventory method a 300 000 inventory at the beginning of the year at a FIFO cost per of $50 No purchases were made during the year Outedy sales information and two sets entre element cost figures folow Quarter Ur Sale Case 5 1 100 000 30 000 2 27 Wool company actual earings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are: Actual first quarter eamings $500,000 Actual second quarter earnings $500,000 First quarter estimate annual earnings $ 2,000,000 Second quarter estimate of annual earnings $2,500,000 Wool Company estimates its permanent differences between accounting income and taxable income for 2019 as Environmental violation penalties $50,000 Dividend income exclusion $200,000 These estimates did not change during the second quarter. The combined state and federal tax rate for wool Company for 2019 is 50% Required Calculate first quarter "estimated annual income tax" Select one O a $3,100,000 Ob $2,250,000 c. $1,750,000 Od $3,000,000 Win Company, which uses the FIFO Inventory method a 300 000 inventory at the beginning of the year at a FIFO cost per of $50 No purchases were made during the year Outedy sales information and two sets entre element cost figures folow Quarter Ur Sale Case 5 1 100 000 30 000 2 27 Wool company actual earings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are: Actual first quarter eamings $500,000 Actual second quarter earnings $500,000 First quarter estimate annual earnings $ 2,000,000 Second quarter estimate of annual earnings $2,500,000 Wool Company estimates its permanent differences between accounting income and taxable income for 2019 as Environmental violation penalties $50,000 Dividend income exclusion $200,000 These estimates did not change during the second quarter. The combined state and federal tax rate for wool Company for 2019 is 50% Required Calculate first quarter "estimated annual income tax" Select one O a $3,100,000 Ob $2,250,000 c. $1,750,000 Od $3,000,000