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. Prepare a condensed income statement for the year on both bases for comparative purposes. Coronado Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out Sales Revenue $1058400 $ $ Inventory, Jan. 1 $ \begin{tabular}{l|l|} 134200 & i \\ \hline \end{tabular} Inventory, Dec. 31 \begin{tabular}{|l|l|} \hline 318000 & i \\ \hline \end{tabular} Cost of Goods Sold Gross Profit Operating Expenses Operating Income