Home Insert Draw Page Layout Formulas Data Review View Tell me X Calibri 11 ' v ab Wrap Text Paste P12 BIU fx v = Merge & Center A B C D E F G H 31 32 33 34 35 36 37 38 39 40 Sales revenue Cost of goods sold Gross profit margin Salary and wage expense Depreciation expense Other operating expenses Total operating expenses Operating income Other expenses(revenue): Interest expense $ 338,000 $ 165,000 $ 173,000 $ 69,000 X Y $ 120,000 $ 53,000 $ 4,000 41 Impairment loss - goodwill $ 12,500 42 Loss(gain) on sale of equipment $ (2,500) $ 14,000 43 Income before income tax $ 39,000 44 Income tax expense $ 9,750 45 Net income $ 29,250 46 47 Additional information: 48 49 2 No items impacted earnings other than net income and dividends. 50 51 1 Equipment with a cost of $20,000 that was 80% depreciated was sold during 2017. 3 If the FIFO method had been in use, inventories would have been $22,000 thousand and $21,000 thousand higher than reported at December 31, 2017 and 2016, respectively. 52 4 Long-term debts are issued at par. 53 5 The effective tax rate for 2017 and earlier periods is 25%. 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 General $ % 000 Conditional Formatting K L Question 16 Not yet answered Points out of 8.00 Flag question What is the cumulative amount of income tax saving that STU has generated through 2017 by using the LIFO method instead of the FIFO method? thousand. Question 17 Not yet answered Points out of 8.00 Flag question Calculate the STU's net income in 2017 if FIFO were used. $ thousand. Question 18 Not yet Calculate the STU's cash conversion cycle in 2017 if FIFO were used. answered Points out of 8.00 Flag question days