Presented below are income statements prepared on a LIFO and FIFO basis for Waterway Company, which started operations on January $1,2024.$ The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in $2025.$ The FIFO income statement is computed in accordance with the requirements of GAAP. Waterway's profit$-$sharing agreement with its employees indicates that the company will pay employees $10\%$ of income before profit$-$sharing. Income taxes are ignored.

$\backslash$table$[[,$LIFO Basis,FIFO Basis$],[,2025,2024,2025,2024],[$Sales revenue,$$3,050,$$$3,050,$$$3,050,$$$3,050$