The management of Concord Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Inventories Purchases and Sales Beginning (5,000 units) $10,000 Total net sales (182.000 units) $755,300 Ending (13.000 units) Total cost of goods purchased (190,000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $2.20 $110,000 2 40,000 2.35 94.000 3 40,000 2.50 100.000 4 60.000 2.70 162,000 190,000 $466,000 Operating expenses were $125,000, and the company's income tax rate is 40%. Your answer is partially correct. Prepare comparative condensed income statements for 2022 under FIFO and LIFO. CONCORD INC. Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales Revenues $ 755,300 $ 755,300 Cost of Goods Sold v Beginning Inventory 10,000 10.000 i Cost of Goods Purchased 466,000 466,000 Cost of Goods Avallable for Sale 476,000 476,000 Ending Inventory 162000 132000 Cost of Goods Sold 314000 344000 Gross Profit/(Loss) 441300 411300 Operating Expenses 125,000 bioglobi 125,000 Income before Income Taxes 316300 286300 Income Tax Expense 126520 114520 Net Income /(Loss) 189780 171780