The management of Oriole Compamy 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 2019 if either the FIFO or the LIFO method had been used. For 2019, the accounting records show these data: Inventories Purchases and Sales Beginning (8,400 units) $16,800 Total net sales (216,000 units) $896,400 696,000 Ending (20,400 units) Total cost of goods purchased (228,000 units) Purchases were made quarterly as follows Unit Cost Quarter Units Total Cost 60,000 $2.80 $168,000 48,000 2.95 141,600 48,000 3.10 148,800 3.30 237,600 72,000 $696,000 228,000 Operating expenses were $130,000, and the company's income tax rate is 40% Prepare comparative condensed income statements for 2019 under FIFO and LIFO. Oriole Company Cendensed Income Statements Oriole Company Condensed Income Statements LIFO FIFO Cons Inc LINK TO TEXT Answer the following questions for management. (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? (2) Which cost flow method (FIFO or LIFO) produces the more meaningful net income? (3) Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? (4) How much more cash will be available for management under LIFO than under FIFO? (5) Will gross profit under the average-cost method be higher or lower than FIFO? Will gross profit under the average-cost method be higher or lower than LIFO? Click if youwould like to Show Wors fe