CES mr dy Problem 6-4 The management of Coronado Industries asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these stata Inventory, January 1 (9,940 units) Cost of 121,880 units purchased Selling price of 99,560 units sold Operating expenses $33,796 464,748 791,800 122,700 Units purchased consisted of 32,720 units at $3.60 on May 10, 62,000 units at $3.80 on August 15; and 27,160 units at $4.10 on November 20. Income taxes are 27%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.) Coronado Industries Condensed Income Statements FIFO LIFO