The management of Blossom Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (13,500 units) Cost of 125.000 units purchased Selling price of 103.000 units sold Operating expenses $ 47,250 488,300 788,000 125,000 Units purchased consisted of 38,000 units at $3.70 on May 10:59,000 units at $3.90 on August 15; and 28.000 units at $4.20 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to decimal places, eg. 5,125.) Blossom Company Condensed Income Statements For the Year Ended December 31, 2022 FIFO $ 788000 LIFO Sales 788000 Cost of Goods Sold Beginning Inventory 47250 47250 Cost of Goods Purchased 488300 488300 Cost of Goods Available for Sale 535550 535550 Less Ending Inventory 432250 100900 Cost of Goods Sold 103300 434650 Gross Profit 684700 353350 Operating Expenses