QUESTION 3 BPS reported the following data for its first year of operations: Sales Revenue $8,000 Cost of Goods Available for Sale 6,200 Operating Expenses 900 Sales Returns & Allowances 640 Sales Discounts 128 Ending Merchandise Inventory: If LIFO is used 950 If FIFO is used 1,025 What is the company's net income if FIFO is elected? A. None of the other 4 answer choices provided are correct. B. $1,925 O C. $1,157 OD. $2,057 O E. $1,082 QUESTION 4 The negotiated price discussed in class related to the purchase of retail inventory is the catalog list price minus any purchase discount taken. True False QUESTION 5 A factor to consider when choosing to use LIFO is the potential for reducing the company's federal income tax payments. True False