8 of 12 < > View Policies -/5 Current Attempt in Progress The management of Sheridan Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Inventory, January 1 (11,500 units) $46,000 Cost of 125,000 units purchased 550,400 Selling price of 105,000 units sold 803,000 Operating expenses 129,000 (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. eTextbook and Media. Save for Later Sheridan Inc. Condensed Income Statements FIFO LIFO $ $ $ Attempts: 0 of 3 used Submit