Inventory, January 1 (14,000 units) $49,000 Cost of 123,000 units purchased 480,400 Selling price of 96,000 units sold 734,000 Operating expenses 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 2025 under FIFO and LIFO. Sandhill Inc. Condensed Income Statements > > > > > $ FIFO $ LIFO $ $