The management of Bramble asks for your help determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data.

Inventory, January 1 (13,000 units) $58,500

Cost of 10,000 units purchased $512,000

Selling price of 84,000 units sold $735,000

Operating expenses $140,000

Units purchased consisted of 35,000 units at $4.90 on May 10; 35,000 units at $5.10 on August 15; and 30,000 units at $5.40 on November 20. income taxes are 30%. Prepare comparative condensed income statements for 2022 under FIFO and LIFO.

BRAMBLE CO. Condensed Income Statement For the Year Ended December 31, 2022 FIFO Sales Revenue Cost of Goods Sold Beginning Inventory v Cost of Goods Purchased Ending Inventory Gross Profit/(Loss) Income Tax Expense Net Income / (Loss) LIFO $735000 $ 735000 \begin{tabular}{|r|r|} \hline 404350 \\ \hline \end{tabular} \begin{tabular}{rr|} \hline 330650 \\ \hline \end{tabular} \begin{tabular}{|r|} \hline 236500 \\ \hline \end{tabular} \begin{tabular}{|l|} \hline \\ \hline \end{tabular} \begin{tabular}{|r||} \hline 358500 \\ \hline \end{tabular} \begin{tabular}{|r|} \hline \hline 107550 \\ \hline \end{tabular} $133455