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The management of Whispering Winds Corp. 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 (9,730 units)		$ 35,028
Cost of 109,680 units purchased		435,650
Sales revenue on 90,440 units		813,000
Operating expenses		135,738

Units purchased consisted of 35,330 units at $3.80 on May 10, 61,030 units at $4.00 on August 15, and 13,320 units at $4.30 on November 20. Income taxes are 30%.

Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)

Whispering Winds Corp. Condensed Income Statements choose the accounting period For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022December 31, 2022
	FIFO		LIFO
select an opening name for this statement Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	$enter a dollar amount		$enter a dollar amount
select an opening name for section one Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues
select an income statement item Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select an income statement item Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select an income statement item Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select between addition and deduction AddLess: select an income statement item Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select a closing name for section one Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a total of section one		enter a total of section one
select a summarizing line for the first part Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a total amount for the first part		enter a total amount for the first part
select an opening name for section two Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select an income statement item Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select an income statement item Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	enter a dollar amount		enter a dollar amount
select a closing name for this statement Beginning InventoryCost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsEnding InventoryGross ProfitIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesSalesTotal Revenues	$enter a total net income or loss amount		$enter a total net income or loss amount

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