The board of directors of Coronado 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 18,900 units @ $56 Inventory, January 1 6,100 units @ 22 Purchases 6,500 units @ 25 9,400 units @ 28 6,800 units @ 34 Inventory, December 31 9,900 units @ ? Operating expenses $224,000 Prepare a condensed income statement for the year on both bases for comparative purposes.