The board of directors of Blue Corporation is considering whether or not it should instruct the accounting department to shitt from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is avallable. Prepare a condensed income statement for the year on both bases for comparative purposes. Blue Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out 5 $ 5 5 5. eTextbook and Media