The board of directors of Bramble 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		21,600	units @	$57
Inventory, January 1		5,800	units @	23
Purchases		6,500	units @	25
		10,300	units @	29
		7,300	units @	34
Inventory, December 31		8,300	units @	?
Operating expenses		$228,000

Prepare a condensed income statement for the year on both bases for comparative purposes.

Bramble Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out Sales Revenue 1231200 1231200 Cost of Goods Sold Inventory, Jan. 1 133400 133400 Purchases 709,400 709,400 Cost of Goods Available + 842800 842800 Inventory, Dec. 31 | Cost of Goods Sold Il Gross Profit Operating Expenses ) | Net Income / (Loss) ) Click if you would like to Show Work for this question: Open Show Work