Exercise 8-15 The board of directors of Sheridan 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 22,000 units @ 5,400 units @ 6,100 units @ 10,800 units @ 7,100 units @ 7,400 units @ $214,000 $54 21 24 27 32 ? 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. Sheridan Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out