i need help with a condensed income statement

Current Attempt in Progress The management of Lily Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average- cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Beginning (4,000 units) Ending (12,000 units) Quarter 1 Purchases were made quarterly as follows. 2 (a) Inventories 3 4 Units 50,000 40,000 40,000 60,000 $16,000 190,000 Unit Cost $4.20 4.35 4.50 4.70 Total net sales (182,000 units) Total cost of goods purchased (190,000 units) Total Cost $210,000 174,000 180,000 282,000 $846,000 Operating expenses were $130,000, and the company's income tax rate is 40%. Purchases and Sales Prepare comparative condensed income statements for 2022 under FIFO and LIFO. LILY INC. Condensed Income Statements $ FIFO $ LIFO $1,119,300 846,000 2 I SU

The management of Lily inc is reevaluating the appropriateness of using its present inventory cost flow method, which is averagecost. The company requests your help in determining the results of operations for 2022 if elther the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Purchases were made quarterly as follows. Operating expenses were $130,000, and the compary's income tax rate is 40%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO