The management of Wildhorse Co. 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 (10,200 units) $ 35,700

Cost of 122,400 units purchased 477,870

Selling price of 98,900 units sold 765,000

Operating expenses 126,500

units purchased consisted of 35,700 units at $3.70 on May 10; 61,200 units at $3.90 on August 15; and 25,500 units at $4.20 on November 20. Income taxes are 30%.

Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)