need help filling out income statement from photo 2 using information from photo 1 as well as follow up questions in photo 3

CALCULATOR PRINTER VERSION BACK NE Problem 6-07A a-b The management of Swifty Co, asks your help in determining the comparative effects of the FIFO and LIFO Inventory cost flow methods. For 2020, the accounting records provide the following data. Inventory, January 1 (11,000 units) Cost of 100,000 units purchased Selling price of 84,000 units sold Operating expenses $46,200 482,000 735,000 140,000 Units purchased consisted of 35,000 units at $4.60 on May 10; 35,000 units at 54.80 on August 15, and 30,000 units at $5.10 on November 20. Income taxes are 30%. SWIFTY CO. Condensed Income Statement FIFO LIFO ady. LINK TO TEXT Your answer is partially correct. Try again. Answer the following questions for management. udy (1) Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? (2) Which inventory cost flow method produces the most meaningful net income? FIFO method (3) Which inventory cost flow method is most likely to approximate actual physical flow of the goods? TUFO method (4) How much additional cash will be available for management under LIFO than under FIFO? FIFO method (5) How much of the gross profit under FIFO is illusory in comparison with the gross profit under LIFO? Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT