The management of Pharoah Company 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. $43,500 418,700 Inventory, January 1 (14,500 units) Cost of 123,000 units purchased Selling price of 95,000 units sold Operating expenses 727,000 123,000 Units purchased consisted of 35,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and 25,000 units at $3.70 on November 20. Income taxes are 26% (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to o decimal places, e.g. 5.125.) Pharoah Company Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO $ 727.000 $ 727,000 Sales Cost of Goods Sold 43500 43500 Beginning Inventory 418.700 418,700 Cost of Goods Purchased 462200 Cost of Goods Available for Sale 462200 Less :: Ending Inventory Cost of Goods Sold Gross Profit 123000 123000 Operating Expenses Income before Income Taxes 418,700 418,700 Cost of Goods Purchased 162200 162200 Cost of Goods Available for Sale : Less Ending Inventory Cost of Goods Sold Gross Pront i 123000 Operating Expenses 123000 Income before Income Taxes Income Tax Expense $ Net Income/(Loss)