The management of Sheridan 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 (10,500 units) $42,000 Cost of 124,000 units purchased 546,100 Selling price of 105,000 units sold 803,000 Operating expenses 124,500 Units purchased consisted of 35,000 units at $4.20 on May 10, 64,000 units at $4.40 on August 15, and 25,000 units at $4.70 on November 20. Income taxes are 263 (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. Sales Revenue Cost of Goods Sold Beginning Inventory Cost of Goods Purchased Cost of Goods Available for Sale Less eTextbook and Medla Textbook Video Ending Inventory Sheridan Inc. Condensed Income Statements FIFO LIFO Assistance Used