The management of Sunland Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Units purchased consisted of 34,000 units at $3.70 on May 10,66,000 units at $3.90 on August 15 . and 24,000 units at $4.20 on November 20 . Income taxes are 30%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. Cost of Goods Sold Beginning Inventory 47,250 47,250 Cost of Goods Purchased Cost of Goods Available for Sale 531.250 Less if: Ending Inventory Cost of Goods Sold Gross Profit/ (Loss) Operating Expenses