Question 1 View Policies Current Attempt in Progress The management of Indigo Corporation 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 (13,500 units) $ 47,250 Cost of 115,000 units purchased 448,600 Selling price of 100,000 units sold 765,000 Operating expenses 122,500 Units purchased consisted of 31,000 units at $3.70 on May 10; 63,000 units at $3.90 on August 15; and 21,000 units at $4.20 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125.) Indigo Corporation Condensed Income Statements December 31, 2022 FIFO LIFO