Question 2 of 3 9.9/33 Inventories $8.000 Purchases and Sales Total net sales (182,000 units) Total cost of goods purchased (190,000 units) ) $755.300 Beginning (4,000 units) Ending (12,000 units) () 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $2.20 $110,000 2 40.000 2.35 94,000 3 40.000 2.50 100,000 4 60,000 2.70 162,000 190,000 $466,000 Operating expenses were $120,000, and the company's income tax rate is 40% (a) Your Answer Correct Answer Your answer is partially correct. Prepare comparative condensed income statements for 2022 under FIFO and LIFO. CRANE INC Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales Revenues V $ 755300 $ 755300 Cost of Goods Sold Beginning Inventory 2000 i 8000 i Cost of Goods Purchased 466000 466000 Cast of Gods Available for Sale V 474000 474000 i Ending Inventory V Cost of Goods Sold Gross Profit/Loss) Operating Expenses Income before Income Taxes Income Tax Expertise Net Income /(Loss)