The board of directors of Ayayai 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 20,600 units @ $52 Inventory, January 1 5,900 units @ 21 Purchases 5,600 units @ 23 9,200 units @ 26 7,700 units @ 31 Inventory, December 31 7,800 units @ ? Operating expenses $208,000 Prepare a condensed income statement for the year on both bases for comparative purposes.