The management of Wildhorse 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 30,000 units at $3.20 on May 10,68,000 units at $3.40 on August 15 , and 20,000 units at $3.70 on November 20 . Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. $ Beginning Inventory Cost of Goods Available for Sale Cost of Goods Purchased Cost of Goods Sold Dividends Ending Inventory Gross Profit / (Loss) Income before Income Taxes Income Tax Expense Net Income / (Loss) Operating Expenses Retained Earnings, January 1 Retained Earnings, December 31 Revenues Sales Revenue Total Revenues