Current Attempt in Progress Your answer is partially correct. The management of National 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 (10,000 units) Cost of 120,000 units purchased Selling price of 98,000 units sold Operating expenses Sales Cost of Goods Sold Units purchased consisted of 35,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 25,000 units at $4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.) Beginning Inventory Cost of Goods Purchased $35,000 Cost of Goods Available for Sale 468,500 750,000 124,000 National Inc. Condensed Income Statements For the Year Ended December 31, 2022 $ FIFO 750,000 35,000 468,500 503,500 $ LIFO 750,000 35,000 468,500 503,500

The management of National Inc, asks your helo in determining the comparathe effects of the FIFO and tiFO imventory cost fow methods, for 2022, the accounting records show these dith. Units purchased consisted of 35,000 units at $3,70 on May 10,60,000 units at $3,90 on Aukust 15; and 25,000 units at $4,20 on November 20 . Incoene tanes are 26%. (a) Prepare comporative condensed income statements for 2022 under FIFO and LFO. Round answers to 0 decimal ploces, es 5, 125] efertiook and Medo Lite ar Arcounds Astemptes 1 of 3uned