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Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,000; cost of merchandise sold, $330,000, administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000. Armstrong Co. Income Statement For the Year Ended December 31 Gross profit Operating expenses: Total operating expenses do Other revenue and expense: The units of Manganese Plus available for sale during the year were as follows: Inventory Mar. 1 June 16 16 units 30 units Purchase Purchase $30 $35 $39 Nov. 28 $480 1.050 1.755 $3,285 45 units 91 units There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. FIFO cost of merchandise sold UFO cost of merchandise Sold on Difference