The board of directors of Concord 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		20,900	units @	$53
Inventory, January 1		5,900	units @	21
Purchases		5,500	units @	23
		10,100	units @	26
		7,200	units @	32
Inventory, December 31		7,800	units @	?
Operating expenses		$210,000

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