The management of Pharoah Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Inventory, January 1 (10,000 units) $40,000 Cost of 126,000 units purchased 555,400 Selling price of 97,000 units sold 742,000 Operating expenses 122,500 Units purchased consisted of 40,000 units at $4.20 on May 10, 56,000 units at $4.40 on August 15, and 30,000 units at $4.70 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. Pharoah Inc. Condensed Income Statements > FIFO $ $ $ 69 $ LIFO