Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. 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 (14,500 units) $ 43,500 Cost of 117,000 units purchased 398,000 Selling price of 102,000 units sold 780,000 Operating expenses 124,500 Units purchased consisted of 32,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and 22,000 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, eg. 5,125.) Kingbird, Inc. Condensed Income Statements FIFO LIFO