Problem 6-4 The management of Vaughn Manufacturing asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (10,430 units) Cost of 118,590 units purchased Selling price of 92,870 units sold Operating expenses $38,591 487,022 762,300 123,740 Units purchased consisted of 35,000 units at $3.90 on May 10; 57,580 units at $4.10 on August 15; and 26,010 units at $4.40 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.) Vaughn Manufacturing Condensed Income Statements FIFO LIFO