The management of Coronado Industries 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 (9,000 units) $31,500 Cost of 108,000 units purchased 421,650 Selling price of 87,500 units sold 675,000 Operating expenses 111,500 Units purchased consisted of 31,500 units at $3.70 on May 10; 54,000 units at $3.90 on August 15; and 22,500 units at $4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.)