The amount to be depreciated is the total cost to put

The amount to be depreciated is the total cost to put the asset in service ($250,000)
minus the assumed salvage value after 5 years ($10,000). This leaves $240,000 to be
depreciated over 5 years (60 months) or $4,000 per month.
Which of the following arises when Taxable Income exceeds Income Before Taxes due to a
temporary timing difference?

The Hattery is a new online hat retailer. During the first month they made the following
purchases of hats and had the following sales of hats:
 January 1: Purchased 600 hats for $10 each.
 January 15: Purchased 300 hats for $7 each.
 January 31: Sold 425 hats.
What would be the Cost of Goods Sold if they use LIFO ?
Result
Correct!

Which of the following is the amount of tax that relates to the Income Before Taxes for
the year?
Which of the following is the amount of the tax liability that pertains to the current period