Exercise 8-15 The board of directors of Vaughn 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 22,800 units $60 6,100 units@24 6,300 units26 11,000 units@30 7,700 units 36 Inventory, December 31 8,300 units Operating expenses $28,0oo Prepare a condensed income statement for the year on both bases for comparative purposes. Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out