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 32,000 units at $3.70 on May 10,61,000 units at $3.90 on August 15 , and 22,000 units at $4.20 on November 20 . Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{\begin{tabular}{l} Sunland Inc. \\ Condensed Income Statements \end{tabular}} & & \\ \hline & For the Year Ended & ed December 31, 2025 & & \\ \hline & & FIFO & & \\ \hline Sales Revenue & & 765,000 & $ & 765,000 \\ \hline Cost of Goods Sold & & & & \\ \hline Beginning Inventory & & 47,250 & & 47,250 \\ \hline Cost of Goods Purchased & & 448,700 & & 448,700 \\ \hline Cost of Goods Available for Sale & & 495,950 & & 495,950 \\ \hline Less : Ending Inventory & & 130,400 & & 120,000 \\ \hline Cost of Goods Sold & & 118,400 & & 237,900 \\ \hline Gross Profit/ (Loss) & & 92400 & & 92400 \\ \hline Operating Expenses & & 125,000 & & 125,000 \\ \hline Income before Income Taxes & & 32600 & & 32600 \\ \hline Income Tax Expense & & 70,200 & & 73,000 \\ \hline Net Income/ (Loss) & $ & 37600 & $ & 40,400 \\ \hline \end{tabular}