Save Answer The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests 25 points your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Inventories Purchases and Sales Beginning (7,000 units) Ending (17,000 units) $14,000 Total net sales (180,000 units) Total cost of goods purchased $747,000 (190,000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost 1 50,000 $2.20 .2 40,000 2.35 3 40,000 2.50 4 60,000 2.70 190,000 Total Cost $110,000 94,000 100,000 162,000 $466,000 Operating expenses were $130,000, and the company's income tax rate is 20%. Instructions Prepare comparative condensed income statements for 2022 under FIFO and LIFO, (Show