Problem 6-4A The management of Blossom Company 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 (10,160 units) Cost of 116,680 units purchased Selling price of 100,000 units sold Operating expenses 36,576 466,408 797,800 128,980 Units purchased consisted of 37,020 units at $3.80 on May 10; 56,020 units at $4.00 on August 15; and 23,640 units at $4.30 on November 20, Income taxes are 27%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to O decinalplaces, eg. 5.12s. Blossom Company Condensed Income Statements For the Year Ended December 31, 2017 - FIFO LIFO 797,800 797,800 Sales Cost of Goods Sold 36,576 36,576 Beginning Inventory 466,408 466,408 Cost of Goods Purchased 502984 502984 Cost of Goods Available for Sale LessEnding Inventory Cost of Goods Sold 114452 Gross Profit 128,980 128,980 Operating Expenses Income before Income Taxes Income Tax Expense Net Income/(Loss)