View Policies Current Attempt in Progress The management of Ivanhoe Company 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, $ 56,000 533.100 Inventory, January 1 (14,000 units) Cost of 121,000 units purchased Selling price of 101,000 units sold Operating expenses 773,000 128.000 Units purchased consisted of 37,000 units at $ 4.20 on May 10; 57,000 units at $4.40 on August 15; and 27,000 units at $ 470 on November 20 Income taxes are 30% (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to decimal places, cs. 5,125) Ivanhoe Company Condensed Incohe Statements For the Year Ended December 31, 2022 FIFO LIFO $ 773000 Revenues 773000 Cost of Goods Sold Beginning Inventory 56000 Cost of Goods Sold 533100 533100