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The management of Shamrock, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the

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The management of Shamrock, Inc. 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 (10,580 units) $ 40,204 Cost of 125,110 units purchased 526,725 Sales revenue on 101,860 units 777,400 Operating expenses 136,216 Units purchased consisted of 37,080 units at $4.00 on May 10, 59.100 units at $4.20 on August 15, and 28.930 units at $4.50 on November 20. Income taxes are 30%. $ FIFO $ $ LIFO Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to decimal places, eg. 5.125.) Shamrock, Inc. Condensed Income Statements For the Quarter Ended December 31, 2022 December 31, 2022 For the Year Ended December 31, 2022 LIFO

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