The management of Stampfer Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2007 the accounting records show these data.
Inventory, January 1 (10,000 units) $35,390
Cost of 120,000 units purchased 484,338
Selling price of 100,000 units sold 727,940
Operating expenses 116,290
Units purchased consisted of 35,010 units at $3.75 on May 10; 60,580 units at $3.93 on August 15; and 24,410 units at $4.71 on November 20. Income taxes are 31%.
Complete the comparative condensed income statements for 2007 under FIFO and LIFO below. plz help