Hi all - looking for some help with this question. Thank you in advance!

Problem 6-04A a The management of Sweet Acacia Industries 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 (14,000 units) Cost of 123,000 units purchased Selling price of 96,000 units sold Operating expenses $ 49,000 480,400 734,000 122,500 Units purchased consisted of 37,000 units at $3.70 on May 10, 59,000 units at $3.90 on August 15; and 27,000 units at $4.20 on November 20. Income taxes are 30%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.) Sweet Acada Industries Condensed Income Statements For the Year Ended December 31, 2022 FIFOLIFO 734000 734000 Sales Cost of Goods Sold Beginning Inventory 49000 49000 480400 Cost of Goods Purchased 480400 529400 529400 Cost of Goods Available for Sale Less Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses 122500 122500 Income before Income Taxes Income Tax Expense Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work