Question 2 The board of directors of Hayward Corporation is considering whether or not should instruct the conting down to centro, Power last-in, first-out (UTO) basis. The following information is able Sales 20,000 units $50 Inventory, January 1 6.000 units 20 Purchases 6,000 units 22 10,000 units 25 7,000 units 30 Inventory, December 31 9,000 units 2 Operating expenses $200,000 Prepare a condensed income statement for the year on both bases for comparative purposes Hayward Corporation Condensed Income Statement For the year ended December 31 Pirat-in, first-out