The management of Bramble Corp. 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) $ 47,250

Cost of 124,000 units purchased 484,000

Selling price of 102,000 units sold 780,000

Operating expenses 126,500

Units purchased consisted of 34,000 units at $3.70 on May 10; 66,000 units at $3.90 on August 15; and 24,000 units at $4.20 on November 20. Income taxes are 30%. (a)

Prepare comparative condensed income statements for 2022 under FIFO and LIFO