The management of Indigo Corporation asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data.

Inventory, January 1 (9,060 units) $ 31,710

Cost of 113,780 units purchased 440,483

Selling price of 97,160 units sold 686,100

Operating expenses 122,180

Units purchased consisted of 37,370 units at $3.70 on May 10; 62,360 units at $3.90 on August 15; and 14,050 units at $4.20 on November 20. Income taxes are 27%.

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