Instructions Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Show computations of ending inventory.) a. Gross profit: FIFO $312,900 LIFO $303,000 Answer the following questions for management. 1. Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? Why? 2. Which cost flow method (FIFO or LIFO) produces the more meaningful net income? Why? 3. Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? Why? 4. How much more cash will be available for management under LIFO than under FIFO? Why? 5. Will gross profit under the average-cost method be higher or lower than FIFO? Than LIFO? (Note: It is not necessary to quantify your answer.)