The management of Cullumber 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. Inventory, January 1 (13,500 units) $54,000 Cost of 123,000 units purchased 542,000 Selling price of 102,000 units sold 780,000 Operating expenses 125,000 Units purchased consisted of 38,000 units at $4.20 on May 10, 57,000 units at $4.40 on August 15, and 28.000 units at $4.70 on November 20. Income taxes are 30%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. Cullumber Inc. Condensed Income Statements FIFO LIFO $