QUESTIONS 54-60. PLEASE.

The management of Utley Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008 the accounting records show these data Inventory, January 1 (10,000 units) Cost of 120,000 units purchased Selling price of 100,000 units sold Operating expenses $45,000 509,500 665,000 130,000 Units purchased consisted of . 35,000 units at $4.50 on May 10; 60,000 units at $4.20 on August 15; and 25,000 units at $4.00 on November 20. Income taxes are 10%. Complete the comparative condensed income statements for 2008 under FIFO and LIFO FIFO 54 LIFO Sales COGS Beginning Inventor Add: Purchases Total Available For Sale Less: Ending Invento Cost of Goods Sold Gross Profit Less: Operating Expenses Profit Before Taxes Income Tax Profit 56 57. 59. 58. 60