Problem 6-4A The management of Kingbird, Inc. 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 (9,230 units) 30,459 436,815 Cost of 118,460 units purchased Selling price of 97,790 units sold 684,500 125,100 Operating expenses Units purchased consisted of 35,500 units at $3.50 on May 10, 64,250 units at $3.70 on August 15; and 18,710 units at $4.00 on November 20. Income taxes are 29%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to o decimal places, e.g. 5,125.) Kingbird, Inc. Condensed Income Statements FIFO LIFO