Problem 6-7A The management of Sherlynn Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records provide the following data. Inventory, January 1 (20,500 units) $92,250 Cost of 205,000 units purchased 1,090,600 Selling price of 164,000 units sold 1,435,000 Operating expenses 137,500 Units purchased consisted of 71,750 units at $5.10 on May 10; 71,750 units at $5.30 on August 15; and 61,500 units at $5.60 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2017 under FIFO and LIFO