The management of Sheffield Corp. 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 (10,000 units) $35.000 Cost of 120.000 units purchased 468.500 Selling price of 97,000 units sold 750,000 Operating expenses 124,000 Units purchased consisted of 35,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 25,000 units at $4.20 on November 20. Income taxes are 28% (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.) Sheffield Corp. Condensed Income Statements For the Year Ended December 31, 2022 Sales Cost of Goods Sold Beginning Inventory $ FIFO LIFO 750000 $ 35000 750000 35000 Cost of Goods Purchased 468500 468500 Cost of Goods Available for Sale 503500 503500 Less : Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income before Income Taxes V Income Tax Expense Net Income/(Loss) (32300) (16400) 371200 387100 378800 362900 124000 i 124000 254800 (71344) 238900 (66892) $ 183456 $ 172008 The management of Sheffield Corp. 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 (10,000 units) $35,000 Cost of 120,000 units purchased 468,500 Selling price of 97,000 units sold 750,000 Operating expenses 124,000 Units purchased consisted of 35,000 units at $3.70 on May 10: 60,000 units at $3.90 on August 15; and 25,000 units at $4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.) Sheffield Corp. Condensed Income Statements For the Year Ended December 31, 2022 Sales Cost of Goods Sold Beginning Inventory Cost of Goods Purchased FIFO $ LIFO 750000 $ 35000 750000 35000 468500 468500 Cost of Goods Available for Sale 503500 503500 Less : Ending Inventory Cost of Ca (32300) (16400)