Problem 6-07A a-b The management of Coronado Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data. Inventory, January 1 (11,000 units) Cost of 100,000 units purchased Selling price of 84,000 units sold Operating expenses $44,000 462,000 735,000 140,000 Units purchased consisted of 35,000 units at $4.40 on May 10; 35,000 units at $4.60 on August 15; and 30,000 units at $4.90 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2020 under FIFO and LIFO. For the Year Ended December 31, 2020 FIFO LIFO Sales Revenue 735000 735000 Cost of Goods Sold Beginning Inventory 44000 44000 Cost of Goods Purchased 462000 462000 Cost of Goods Available for Sale 506000 506000 Ending Inventory Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses (140000) (140000) Income before Income Taxes Income Tax Expense Net Income / (Loss)