[17:32, 23/12/2021] Yassin Bouabdellah: The Washington Corporation is currently using first-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 (L.IFO) method, Washington Corporation makes the following information available to you for the year 2016 Sales: 42.000 units ne $100 each Inventory on January 1, 2013: 12,000 units d S40 each Units purchased on January I5, 2013: 12,000 units ( $44 each Units purchased on June 25, 2013: 20,000 units ( S50 each 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 S400,000 were paid during the year 2016, Required: Prepare a comparative income statement using FIFO and LIFO method for the president of Washington Corporation.