The management of Windsor, Inc. 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 (11,500 units) $ 40,250 Cost of 119,000 units purchased 464,300 Selling price of 95,000 units sold 727,000 Operating expenses 130,000 Units purchased consisted of 32,000 units at $3.70 on May 10; 65,000 units at $3.90 on August 15; and 22,000 units at $4.20 on November 20. Income taxes are 30%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.) Windsor, Inc. Condensed Income Statements For the Year Ended December 31, 2022 , FIFO LIFO Sales 727000 727000 $ Cost of Goods Sold Beginning Inventory 40250 40250 Cost of Goods Purchased 464300 464300 Cost of Goods Avallable for Sale 504550 504550 Less V Ending Inventory 91450 266825 Cost of Goods Sold Gross Profit Operating Expenses 130000 130000 x Income before Income Taxes Income Tax Expense V Net Income / (Loss)