1. The Washington Corporation is currently using fint in first-out (FIFO) method of inventory valuation. The president wants to know the effect of a change in inventory valuation method from first-in, first-out (FIFO) to last-in, first-out (LIFO) method. Washington Corporation makes the following information available to you for the year 2016, . Sales 42.000 units 5100 each Inventory on January 1, 2013: 12,000 units S10 each Units purchased on January 15, 2013. 12,000 units a 544 each Units purchased on June 25, 2013: 20,000 units assocach Units purchased on December 20, 2013: 14,000 units @ $60 each A physical count was made on December 31, 2016 and 16,000 units were found in inventory. The total operating expenses of $400,000 were paid during the year 2016, Required: Prepare a comparative income statement using FIFO and LIFO method for the president of Washington Corporation