I cant figure out the formula to consistently do these , i always get stuck figuring LIFO.

Problem 6-07A a-b

The management of Bonita Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data.

Inventory, January 1 (12,000 units)		$55,200
Cost of 100,000 units purchased		522,000
Selling price of 84,000 units sold		735,000
Operating expenses		140,000

Units purchased consisted of 35,000 units at $5.00 on May 10; 35,000 units at $5.20 on August 15; and 30,000 units at $5.50 on November 20. Income taxes are 30%.

	Your answer is partially correct. Try again.

Prepare comparative condensed income statements for 2020 under FIFO and LIFO.