question 6 of 6 part b

776e3#/question/5 Question 6 of 6 Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to decimal places.es 5.125) 0.5/ National Ince Condensed Income Statements For the gatended December all, anak FIFO LIFO Sales 750.000 750.000 Cost of Goods Sold Batang batan 35 00 35.000 Costal Code Purchzoda V ESCO A500 Call or Good Abre en 5001500 SOUS Ending dinner 11 Casa Couda Sud 371.200 307.100 Gross Profit 2.O 352.00 12 124.000 Operating Expenses 254.100 2100 Income before Income Tax 50.950 47.70 Income Tax Expense $ 19110 203 1.0 Net Income Loss) Attempts: 2 of 3 used (b) Answer the following questions for management. (1) Which inventory cost flow method produces the Inventory amount that most closely approximates the amount that would have to be paid to replace the inventory? (2) Which inventory cost flow method produces the net income amount that is a more likely indicator of next period's net income? Which inventory cost flow method is most likely to approximate the actual physical flow of the goods? (4) How much more cash will be available under LIFO than under FIFO? (3) 5 ) ) $ (5) How much of the gross profit under FIFO is illusionary in comparison with the gross profit under LIFO e Textbook and Media Attempts: 0 of 3 used Submit Save for later