The management of Splish Brothers Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data. Inventory. January 1 (23,500 units) $105,750 Cost of 235,000 units purchased 1.250.200 Selling price of 188,000 units sold 1.645,000 Operating expenses 140.000 Units purchased consisted of 82,250 units at $5.10 on May 10: 82.250 units at $5.30 on August 15; and 70.500 units at $5.60 on November 20. Income taxes are 30%. (a) Your answer is partially correct. Prepare comparative condensed income statements for 2020 under FIFO and LIFO. Splish Brothers Inc Condensed Income Statement For the Year Ended December 31, 2020 FIFO LIFO Sales Revenue 1645000 1645000 Cost of Goods Sold Beginning Inventory 105750 105750 Cost of Goods Purchased 1250200 1250200 Cost of Goods Available for Sale 1355950 1355950 Ending Inventory 394800 Cost of Goods Sold 961150 Gross Profit/(Loss) 683850 Operating Expenses 140000 i 140000 Income before Income Taxes 543850 Income Tax Expense 163155 Net Income /(Loss) 380695 $