The management of Oriole Company 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 (9,220 units) $ 31,348 Cost of 131,450 units purchased 501,454 Selling price of 95,340 units sold 745,200 Operating expenses 120,500 Units purchased consisted of 37,740 units at $3 60 on May 10 62,070 units at $3 80 on August 15 and 31,640 units at $4 10 on November 20 Income taxes are 26 (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO (Round answers to 0 decimal places, e g 5,125 ) Oriole Company Condensed Income Statements December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 FIFO LIFO Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues $ $ Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues AddLess Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues $ $

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The management of Oriole Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the

The management of Oriole Company 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 (9,220 units)		$ 31,348
Cost of 131,450 units purchased		501,454
Selling price of 95,340 units sold		745,200
Operating expenses		120,500

Units purchased consisted of 37,740 units at $3.60 on May 10; 62,070 units at $3.80 on August 15; and 31,640 units at $4.10 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)

Oriole Company Condensed Income Statements December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
	FIFO	LIFO
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	$	$
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
AddLess: Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	$	$