The management of Novak Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data.

Inventory, January 1 ( 13,500 units)		$ 47,250
Cost of 115,000 units purchased		448,700
Selling price of 100,000 units sold		765,000
Operating expenses		125,000

Units purchased consisted of 32,000 units at $ 3.70 on May 10; 61,000 units at $ 3.90 on August 15; and 22,000 units at $ 4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)