Exercise 8-15 The board of directors of Crane 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 20,800 units @ $55 5,600 units@ 22 6,000 units @ 24 10,100 units@ 28 7,200 units @ 33 8,100 units @? Inventory, January 1 Purchases Inventory, December 31 Operating expenses $220,000 Prepare a condensed income statement for the year on both bases for comparative purposes Crane Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out