The management of Sunland Co. 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 (13,000 units) Cost of 100,000 units purchased Selling price of 84,000 units sold $53,300 472,000 Operating expenses 735,000 140,000 Units purchased consisted of 35,000 units at $4.50 on May 10; 35,000 units at $4.70 on August 15; and 30,000 units at $5.00 on November 20. Income taxes are 30%. Your answer is partially correct. Try again. Prepare comparative condensed income statements for 2020 under FIFO and LIFO. SUNLAND CO. Condensed Income Statement For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold FIFO 735,000 LIFO 735,000 Beginning Inventory Cost of Goods Purchased 53,300 53,300 472,000 472,000 Cost of Goods Available for Sale 525,300 525,300 Ending Inventory Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) 140,000 140,000