What is the gross profit

Current Attempt in Progress The management of Metlock, 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) Cost of 125,000 units purchased Selling price of 98,000 units sold Operating expenses $ 58,000 550,600 750,000 128,000 Units purchased consisted of 36,000 units at $4.20 on May 10; 63,000 units at $4.40 on August 15; and 26,000 units at $4.70 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to o decimal places, e.g. 5,125.) Metlock, Inc. Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales $ 750000 750000 Cost of Goods Sold 58000 58000 Beginning Inventory 24 TTCLOCK TIC Condensed Income Statements For the Year Ended December 31, 2022 FIFO LIFO Sales 750000 $ 750000 Cost of Goods Sold Beginning Inventory 58000 58000 Cost of Goods Purchased 550600 550600 Cost of Goods Available for Sale 608600 608600 Less : Ending Inventory . 190400 Cost of Goods Sold 418200 Gross Profit Operating Expenses 128000 Income before Income Taxes 81256 Income Tax Expense Net Income/(Loss) 24 Ma Book Air