Prepare the income statement

Current Attempt in Progress The management of Bramble Corp. 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 (18,500 units) Cost of 185,000 units purchased Selling price of 148,000 units sold Operating expenses $83,250 984,200 1,295,000 133,000 Units purchased consisted of 64,750 units at $5.10 on May 10; 64,750 units at $5.30 on August 15; and 55,500 units at $5.60 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2020 under FIFO and LIFO. Bramble Corp. Condensed Income Statement FIFO LIFO $ $ 5