Problem - The woman of Coronado Cows your help in determining the comparative afects of the Found Lovery cost flow methods for 2000. the accounting records provide the following dula terventory, January (11.000 units) $49,500 Cost of 100,000 units purchased 512.000 Selling price of $4,000 units sold 735,000 Operating expenses 140,000 inits purchased consisted of 35,000 units at $4.90 on May 1035,000 units at 55.10 on August 15 and 10,000 units at 5.40 on November 2. Income taxes are Prepare comparative condensed income statements for 2020 under FIFO and UFO CORONADO CO. Condensed Income Statement FIFO LIFO Operating expenses 240.000 Units purch consisted of 35.000 units at 1.90 on May 10:35.000 55.00 R 15 and 10.000 unts at $5.40 on November 20. Income taxes are 30% Prepare comparative condensed Income statements for 2020 under FIFOLIFO. CORONADO CO. Condensed Income Statement FIFO 10 werth LINK TO TEXT Answer the following questions for management. (1) Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? (2) Which inventory cost flow method produces the most meaningful net income? (3) Which inventory cost flow method is most likely to approximate actual physical flow of the goods? (4) How much additional cash will be available for management under LIFO than under FIFO? (5) How much of the gross profit under FIFO is illusory in comparison with the gross profit under LIFO? Click if you would like to Show Work for this question: Open Show Work UNK TO TEXT