The management of Vaughn Manufacturing 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. Inventory, January 1 (10,000 units) Cost of 128,000 units purchased Selling price of 98,000 units sold Operating expenses $ 30,000 436,000 750,000 128,000 Units purchased consisted of 38,000 units at $3.20 on May 10; 62,000 units at $3.40 on August 15; and 28,000 units at $3.70 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.) Vaughn Manufacturing Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales $ 750,000 $ 750,000 Cost of Goods Sold Beginning Inventory 30,000 30.000 Cost of Goods Purchased 436,000 436,000 Cost of Goods Available for Sale 466,000 466,000 Less Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses 128,000 128,000 Income before Income Taxes Income Tax Expense Net Income /(Loss) $ $