directors of Waterway Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available. Sales Inventory, January 1 Purchases Inventory, December 31 Operating expenses 22,800 units @ 6,100 units @ 6,300 units @ 11,000 units @ A 7,700 units @ 8,300 units @ $60 24 26 30 36 ? $238,000 Prepare a condensed income statement for the year on both bases for comparative purposes.

Way Corporation is considering whether or not it should instruct theaccounting department to shift from a first in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available. Prepare a condensed income statement for the year on both bases for comparative purposes