Exercise 8-18 The board of directors of Ichiro 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 19,800 units @ $60 Inventory, January 1 6,980 units @ 24 Purchases 6,960 units @ 27 10,700 units @ 30 7,590 units @ 36 Inventory, December 31 12,430 units @ ? Operating expenses $241,000 Prepare a condensed income statement for the year on both bases for comparative purposes. Ichiro Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out $ $ : $ $ $ $