Stem Rangements pie, 13 Y CALCULATE Problem 6-07A - The management of Bonita Co asks your help in determining the comparative effects of the Found LIFO inventory cost flow methods. For 2020, the accounting record provide the food Inventory, January 1 (12,000 units) $55,200 Cost of 100,000 units purchased 522,000 Selling price of $4,000 units sold 735,000 Operating expenses 140,000 Units purchased consisted of 35,000 units at $5.00 on May 10:35,000 units at 5.20 on August 15, and 30,000 units at $5.50 on November 20. Income taxes are 30% 1 Ytudy Your answer is partially correct. Try again Prepare comparative condensed income statements for 2020 under FIFO and UFO BONITA CO. Condensed Income Statement For the Year Endel Dec 31, 2020 FIFO LIFO (cent of Goods sold Beginning Coswe MacBook Air bb 00 2 S88 F $ % & 7 00. CO - 0 LUS Weygande, Accounting Principles, 136 CES Cost of Goods Purchased Cost of Goods Available for Sale ory ncial b Ending Inventory 3 Cost of Goods Sold 72 Gross Profit/ (LOS) by. Study Operating Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) LINK TO TEXT Your answer is partially correct. Try again. Answer the following questions for management. (1) Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? To method (2) Which Inventory cost flow method produces the most meaningful net income? LIFO method (3) which inventory cost flow method is most likely to approximate actual physical flow of the goods? FIFO method (4) How much additional cath will be available for management under LIFO than under FIFO7 4420 (5) How much of the gross prot under FIFO is lusory in comparison with the gross profit under LIFO? Click If you would like to show Work for this questiontoon Show Work MacBook Air