The management of Sunland Inc. asks for your help in determining the comparative effects of the FIFO and LIFO inventory cost flow

methods. For $2027,$ the accounting records show these data.

Inventory, January $1(11,600$ units$),$$$40,600$

Cost of $139,200$ units purchased $,543,460$

Selling price of $112,200$ units sold $,870,000$

Operating expenses

$144,000$

Units purchased consisted of $40,600$ units at $$3\mathrm{.}70$ on May $10,69,600$ units at $$3\mathrm{.}9$ on August $15,$ and $29,000$ units at $$4\mathrm{.}20$ on

November $20.$ Income taxes are $30\%.$

$($a$)$ Prepare comparative condensed income statements for $2027$ under FIFO and LIFO. $($Round answers to $0$ decimal places, e$.$g$.5,125.)$

SUNLAND INC.

Condensed Income Statements

FIFO

LIFO

$

$

$

$