Question $1$ of $1$

$-150$

The management of Bonita Industries asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For $2022,$ the accounting records show these data.

Inventory, January units$)$ $$39,257$

Cost of $113,590$ units purchased $,466,433$

Sales revenue on $95,300$ units $,701,500$

Operating expenses $,136,390$

Units purchased consisted of $33,360$ units at $$3,90$ on May $10,55,610$ units at $$4\mathrm{.}10$ on August $15,$ and $24,620$ units at $$4\mathrm{.}40$ on November $20.$ Income taxes are $25\%.$

$($a$)$

Prepare comparative condensed income statements for $2022$ under FIFO and LIFO. $($Round answers to $0$ decimal places, eg$.5,125.)$