+ M06 - Assignment - Reporting and Analyzing Inventory - /25 Question 2 of 2 View Policies Current Attempt in Progress The management of Sheridan 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. Inventory, January 1 (10.000 units) Cost of 105.000 units purchased Selling price of 92.000 units sold Operating expenses $ 30,000 357,000 727,000 120,000 Units purchased consisted of 30,000 units at $3.20 on May 10:55,000 units at $3.40 on August 15; and 20,000 units at $3.70 on November 20. Income taxes are 26% (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO (Round answers to decimal places, es: 5.125.) Sheridan Company Condensed Income Statements FIFO LIFO + M06 - Assignment - Reporting and Analyzing Inventory Question 2 of 2