0 Question 1 The management of Waterway Industries asks your help in determining the comparative effects of the FIFO and LFO inventory cost flow 2017, the accounting records show these data. Inventory, January 1 (9,880units) Cost of 120,920 units purchased Selling price of 95,770 units sold Operating expenses $35,568 484,110 721,700 118,290 Units purchased consisted of 33,820 units at $3.80 on May 10:63,.120 units at $4.00 on August 15, and 23,980 units at $4.30 on November 20. Income taxes are 28%. la) Prepare comparative condensed income statements for 2017 under FiIFO and LIFO. IRound answers to O decimal places, e-g 5,125 Waterway Industries FIFO LIFO