Question 6 0.64/ View Policies Show Attempt History Current Attempt in Progress The management of Concord Corporation asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2019, the accounting records provide the following data. Inventory, January 1(6,500 units) $29,250 Cost of 65,000 units purchased 345,800 Selling price of 52,000 units sold 455,000 Operating expenses 145,000 Units purchased consisted of 22,750 units at $5.10 on May 10; 22,750 units at $5.30 on August 15; and 19,500 units at $5.60 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2019 under FIFO and LIFO. Concord Corporation Condensed Income Statement For the Year Ended December 31, 2019 FIFO LIFO Sales Revenue 455,000 455,000 Cost of Goods Sold Beginning Inventory 29,250 29,250 Cost of Goods Purchased 345,800 345,800 Cost of Goods Available for Sale 375050 375050 Ending Inventory 95550 109200 Cost of Goods Sold 455,000 455,000 Gross Profit /(Loss) 175500 189150 Operating Expenses 145,000 145,000 Income before Income Taxes 30500 44150 Income Tax Expense 9150 13245 Net Income /(Loss) 21350 30905