Problem 6-04A ab The management of Bramble Inc. is reevaluating the appropriateness of using its present inventory cost flow method which is average cost. The company requests your help in determining the results of operations for 2020 other the FIFO or the LIFO method had been used. For 2020, the accounting records show these data Inventories $15,000 Beginning (5,000 unit) Ending (17,000 units) Purchases and Sales Total net sales (178,000 units) Total cost of goods purchased (190,000 units) $916700 656,000 Purchases were made Quarterly as follows Quarter Units Unit Cost 50.000 40.000 40.000 3.35 3.50 3.70 Total Cost $160,000 134,000 140,000 222.000 S656.000 0.000 Operating expenses were $125,000, and the company's income tax rate is 40% Prepare comparative condensed income statements for 2020 under FIFO and LIFO BRAMBLE INC. Condensed Income Statements FIFO L IFO LINK TO TEXT Answer the following questions for management Which cost flow method (FIFO or LFO) produces the more meaningful inventory amount (1) for the balance sheet? (2) Which cost flow method (FIFO or LIFO) produces the more meaningful net income? Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical 0 flow of goods