The management of Kingbird, 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 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Inventories Purchases and Sales Beginning (11.200 units) $22,400 Total net sales (288,000 units) $ 1.195,200 Ending (27,200 units) Total cost of goods purchased (304,000 units) 943,200 Purchases were made quarterly as follows. Quarter 1 2 3 Units 80,000 64,000 64,000 96,000 304,000 Unit Cost $2.85 3.00 3.15 3.35 Total Cost $228.000 192.000 201.600 321,600 $943.200 4 Operating expenses were $130,000, and the company's income tax rate is 40%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. Kingbird, Inc. Condensed Income Statements FIFO LIFO