The board of directors of Blossom 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 22,000 units @ $62 Inventory, January 1 5,800 units @ 25 Purchases 5,700 units @ 27 10,900 units @ 31 6,600 units @ 37 Inventory, December 31 7,000 units @ ? Operating expenses $246,000 Prepare a condensed income statement for the year on both bases for comparative purposes