Prepare comparative condensed income statements for 2017 under FIFO AND LIFO.

ORION Downloadable eTexthook cost flow method, which is average-cost. The company requests your help in determining the The management of Gresa Inc. Is reevaluating the appropriateness of results of operations for 2017 f either the FIFO or the LIFO method had been used. For 2017, the accounting records show $944,70 Reginning (7,000 units) Ending (16,000 units) Total net sales (201,000 units) Total cost of goods purchased (210,000 units) $14,000 543,500 Purchases were made quarterly as follows Cost Total Cost 52.40 $132,000 2 45,000 2.S0 112.500 3 45,0002.60 117,000 4 65,000 2.80 12,000 55,000 210,000 543,500 Operating expenses were $150,000, and the company's income tax rate is 40%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO GRESA ING coe@@0