The management of Gresa 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 2017 if either the FIFO or the LIFO method had been used. For 2017, the accounting records show these data:

Operating expenses were $150,000, and the companys income tax rate is 30%

Prepare comparative condensed income statements for 2017 under FIFO and LIFO.

Answer the following questions for management.

please include all calculations and answers. thank you

Inventories Purchases and Sales Beginning (8,000 units) Ending (17,000 units) $850,700 473,000 $16,000 Total net sales (181,000 units) Total cost of goods purchased (190,000 units) Purchases were made quarterly as follows Quarter Units Unit Cost Total Cost $2.30 $115,000 96,000 100,000 162,000 $473,000 50,000 40,000 40,000 60,000 190,000 2.40 2.50 2.70 4