The management of Crane Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Units purchased consisted of 36,000 units at $4.20 on May 10,67,000 units at $4.40 on August 15 , and 26,000 units at $4.70 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. The management of Crane Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Units purchased consisted of 36,000 units at $4.20 on May 10,67,000 units at $4.40 on August 15 , and 26,000 units at $4.70 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO