Question 11 The management of Ivanhoe Co., SA is reevaluating the appropriateness of using its present inventory cost flow method. They request your help in determining the results of operations for 2017 if either the FIFO method or the average-cost method had been used. For 2017, the accounting records show the following data. Inventories Purchases and Sales Beginning (13,900 units) 29,000 Total net sales (312,750 units) Ending (20,850 units) Total cost of goods purchased (319,700 units) Purchases were made quarterly as follows. 1,202,350 1,002,329 Quarter 1 2 3 4 Units 83,400 69,500 69,500 97,300 319,700 Unit Cost 2.92 3.12 3.22 3.27 Total Cost 243,528 216,840 223,790 318,171 1,002,329 Operating expenses were 149,400, and the company's income tax rate is 33%. Prepare comparative condensed income statements for 2017 under FIFO and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to o decimal places, e.g. 125.) IVANHOE CO., SA Condensed Income Statement FIFO Average-cost Prepare comparative condensed income statements for 2017 under FIFO and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to o decimal places, e.g. 125.) IVANHOE CO., SA Condensed Income Statement FIFO Average-cost