Current Attempt in Progress The management of Sheffield Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Inventories Beginning (8.000 units) Ending (17,000 units) $24,000 Purchases and Sales Total net sales (181.000 units) Total cost of goods purchased (190,000 units) $932,150 656,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $3.20 $160,000 2 40,000 3.35 134,000 3 40,000 3.50 140,000 60,000 3.70 222.000 190,000 $656,000 Operating expenses were $125,000, and the company's income tax rate is 40%. For the Year Ended December 31, 2122 FIFO UFO $ Sales Revenge Cost of Goods Sold Beginning inventory Cost of Goods Purchased DIE DONE Cost of Goods Available for Sale : Ending Inventory Cost of Goods Sold Gross Proh/(Loss Operating Expenses Income before Income Taxes 2 Income Tax Expense Net Income/(Loss)