The management of Sheffield Corp. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2019 if either the FIFO or the LIFO method had been used. For 2019, the accounting records show these data: Purchases and Sales Inventories Beginning (12,600 units) Ending (30,600 units) $25,200 Total net sales (324,000 units) Total cost of goods purchased (342,000 units) $1,344,600 992,700 Purchases were made quarterly as follows. Quarter Total Cost 1 Units 90,000 72,000 72,000 108,000 Unit Cost $2.65 2.80 2.95 3.15 $238,500 201,800 212,400 340,200 $992,700 342,000 Operating expenses were $130,000, and the company's income tax rate is 40%. Prepare comparative condensed income statements for 2019 under FIFO and LIFO. Sheffield Corp. Condensed Income Statements FIFO LIFO Answer the following questions for management. (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? (2) Which cost flow method (FIFO or LIFO) produces the more meaningful net income? (3) Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? (4) How much more cash will be available for management under LIFO than under FIFO? (5) Will gross profit under the average-cost method be higher or lower than FIFO? Will gross profit under the average-cost method be higher or lower than LIFO? click if you would like to show Work for this question. Onen Show Work