Umber Copy Centre Ltd. uses laser printers. The company started the year with 100 containers of ink (weighted average cost of $9.30 each, FIFO cost of $8.90 each). During the year, Umber Copy Centre purchased 600 containers of ink at $10.30 each and sold 590 units for $21.00 each. The company paid operating expenses throughout the year, to a total of $3,400. Umber 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. Umber Copy Centre is a corporation subject to a 19% income tax. (Click the icon to view the income statement.) Compute Umber 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 Umber Copy Centre's income tax expense using the weighted average-cost and FIFO inventory costing methods. (Round your answer to the nearest whole dollar.) Umber Copy Centre Ltd. Income Statement For the Year Ended December 31, 2020 Weighted Average Cost FIFO Sales revenue $ 12,390 $ 12,390 5,937 5,994 Cost of goods sold Gross profit $ 6,396 $ 3,400 6,453 3,400 Operating expenses Net income before tax $ 2,996 $ 3,053 Income tax expense 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. (b) The income taxes are minimized by using the V method of inventory costing