The management of Skysong, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2019, the accounting records provide the following data. Inventory, January 117.000 units) $31,500 Cost of 70,000 units purchased 372,400 Selling price of 56,000 units sold 490,000 Operating expenses 142,500 Units purchased consisted of 24,500 units at $5.10 on May 10, 24,500 units at $5.30 on August 15; and 21,000 units at $5.60 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2019 under FIFO and LIFO. Skysong, Inc. Condensed Income Statement FIFO LIFO