Problem 6-04A a The management of Waterway Industries asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (12,000 units) Cost of 118,000 units purchased Selling price of 95,000 units sold Operating expenses $ 36,000 401,300 727,000 120,500 Units purchased consisted of 31,000 units at 53.20 on May 10; 66,000 units at $3.40 on August 15; and 21,000 units at $3.70 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.) Waterway Industries Condensed Income Statements FIFO LIFO Click if you would like to Show Work for this question: Open Show Work