The management of Whispering Winds Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2019, the accounting records provide the following data. Inventory, January 119,500 units) $42.750 Cost of 95,000 units purchased 505,400 Selling price of 76,000 units sold 665,000 Operating expenses 143,000 Units purchased consisted of 33,250 units at $5.10 on May 10; 33,250 units at $5.30 on August 15; and 28,500 units at $5.60 on November 20. Income taxes are 30% (a) Prepare comparative condensed income statements for 2019 under FIFO and LIFO. Whispering Winds Corp. Condensed Income Statement For the Year Ended December 31, 2019 FIFO 665000 LIFO Sales Revenue $ 665000 Cost of Goods Sold Beginning Inventory 42750 42750 Cost of Goods Purchased 505400 505400 Cost of Goods Available for Sale 548150 548150 Ending Inventory 159600 Cost of Goods Sold 388550 Gross Profit/(Loss) 276450 Operating Expenses 143000 143000 Income before Income Taxes 133450 Income Tax Expense Net Income /(Loss)