The management of Bonita Co. asks your help in determining the comparative effects of the FIFO...

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The management of Bonita 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 (10,000 units) $42,000 Cost of 100,000 units purchased 482,000 Selling price of 84,000 units sold 735,000 Operating expenses 140.000 Units purchased consisted of 35,000 units at $4.60 on May 10; 35,000 units at $4.80 on August 15; and 30,000 units at $5.10 on November 20. Income taxes are 30%. (a) - Your answer is partially correct. Prepare comparative condensed income statements for 2022 under FIFO and LIFO. BONITA CO. Condensed Income Statement For the Year Ended December 31 2022 Sales Revenue Cost of Goods Sold Beginning Inventory Cost of Goods Available for Sale Beginning Inventory Cost of Goods Sold Gross Profit/(Loss) Income before Income Taxes Income Tax Expense Net Income/(Loss) BON Condensed Income Statement For the Year Ended December 31, 2022 GA $ FIFO +A +A LIFO The management of Bonita 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 (10,000 units) $42,000 Cost of 100,000 units purchased 482,000 Selling price of 84,000 units sold 735,000 Operating expenses 140.000 Units purchased consisted of 35,000 units at $4.60 on May 10; 35,000 units at $4.80 on August 15; and 30,000 units at $5.10 on November 20. Income taxes are 30%. (a) - Your answer is partially correct. Prepare comparative condensed income statements for 2022 under FIFO and LIFO. BONITA CO. Condensed Income Statement For the Year Ended December 31 2022 Sales Revenue Cost of Goods Sold Beginning Inventory Cost of Goods Available for Sale Beginning Inventory Cost of Goods Sold Gross Profit/(Loss) Income before Income Taxes Income Tax Expense Net Income/(Loss) BON Condensed Income Statement For the Year Ended December 31, 2022 GA $ FIFO +A +A LIFO