Exercise 8-15 The board of directors of Splish 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 20,200 units $58 Inventory, January 1 6,300 units 23 Purchases 6,200 units 26 10,600 units 29 6,300 units 35 Inventory, December 31 9,200 units Operating expenses $232,000 Prepare a condensed income statement for the year on both bases for comparative purposes