The management of Sunland Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. $ 42,000 546,100 Inventory, January 1 (10,500 units) Cost of 124,000 units purchased Selling price of 105,000 units sold Operating expenses 803,000 124,500 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 26%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.) Sunland Company Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales $ 803000 $ 803000 Cost of Goods Sold Beginning Inventory 42000 42000 Cost of Goods Purchased 546100 546100 Cost of Goods Available for Sale 588100 588100 Less : Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses 124500 124500 Income before Income Taxes Income Tax Expense Net Income /(Loss) $ $