Exercise 8-15 The board of directors of Blue 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 20,000 units @ $61 5,600 units @ 24 5,500 units 27 9,200 units @ 31 7,000 units @ 37 7,300 units @ ? $244,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Prepare a condensed income statement for the year on both bases for comparative purposes. Blue Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out $ LINK TO TEXT Cost of Goods Available Cost of Goods Sold Dividends Expenses Gross Profit Inventory, Jan, 1 Inventory, Dec. 31 Net Income / (Loss) Operating Expenses Purchases Sales Revenue Total Revenues