-/1 III The management of National Inc asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (10.000 units) $35.000 Cost of 120,000 units purchased 468,500 Sales revenue on 98.000 units 750,000 Operating expenses 124 000 Units purchased consisted of 35.000 units at $3.70 on May 10,60.000 units at $2.900 August 15, and 25.000 uruts at 5:20 November 20. income taxes are 20% Prepare comparative condensed income statements for 2022 under FIFO and LEO Round on todecimal places 5.125) National Inc. Condensed Income Statements o son K B. s://assessment, education.wiley.com/was/ui/2/assessment-player/indexhtmllaunchid6d2b -ork + Question 6 of 6 THI National Inc. Condensed Income Statements FIFO UFO $ Answer the following questions for management (1) (2) Which inventory cost flow method produces the inventory amount that most closely approximates the amount that would have to be paid to replace the inventory? Which inventory cost flow method produces the net income amount that is a more likely indicator of next period's net income? Which inventory cost flow method is most likely to approximate the actual physical flow of the goods? How much more cash will be available under LIFO than under FIFO? (3) S 5) How much of the gross profit under FIFO is illusionary in comparison with the gross profit under LIFO