Question: Can you show and explain where I went wrong in this problem? The management of Bramble Corp. asks your help in determining the comparative effects

 Can you show and explain where I went wrong in this

Can you show and explain where I went wrong in this problem?

The management of Bramble Corp. 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 (13,500 units) $ 47.250 Cost of 124.000 units purchased 484.000 Selling price of 102,000 units sold 780,000 Operating expenses 126,500 Units purchased consisted of 34,000 units at $3.70 on May 10:56,000 units at $3.90 on August 15; and 24,000 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 decimal places, eg. 5,125.) Bramble Corp. Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales $ 780000 $ 780000 Cost of Goods Sold Beginning Inventory 47250 47250 Cost of Goods Purchased 484000 484000 Cost of Goods Available for Sale 531250 531250 Less : Ending Inventory 145650 128650 1 Cost of Goods Sold 385600 1 402600 Gross Proht 126500 126500 Operating Expenses 259100 276100 Income before Income Taxes Income Tax Expense 77730 82830 Net Income/(Loss) $ 181370 $ 193270

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