The management of Bridgeport 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) $ 54.000 Cost of 123,000 units purchased 541.900 Selling price of 101.000 units sold 773.000 Operating expenses 126,500 Units purchased consisted of 37,000 units at $4.20 on May 10:59,000 units at $440 on August 15; and 27,000 units at $4.70 on November 20. Income taxes are 30% (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to decimal places, es 5,125) Bridgeport Corp. Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales 773,000 $ 73,000 Cost of Goods Sold Beginning Inventory 54,000 54,000 Cost of Goods Purchased 41,900 41,900 Cost of Goods Available for Sale 95900 95900 Less : Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income before Income Taxes Income Tax Expense Net Income/(Loss)