History D Lake Forest Email D Harper- Blackboard Le H Harper College Login Kimmel, Financial Accounting, 8e Help l System Announcements CALCULATOR PRINTER VERSION Problem 6-4A Your answer is partially correct. Try again. The management of Indigo Corporation asks your help in determining the comparative effects of the FIFo and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (9,060 units) 31,710 Cost of 113,780 units purchased 440,483 Selling price of 97,160 units sold 686,100 operating expenses 122,180 Units purchased consisted of 37,370 units at $3.70 on May 10; 62,360 units at $3.90 on August 15; and 14,050 units at $4.20 on November 20. Income taxes are 27%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to o decimal places, e.g. 5,125.) Indigo Corporation Condensed Income Statements For the Year Ended December 31, 2017 LIFO FIFO 686100 686100 Goods sold Beginning Inventory 44048 440483 Cost of Goods Purchased Cost of Goods Available for Sale T