The board of directors of Crane 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 Inventory, January 1 Purchases 20.900 units 5,700 units @ 6.200 units @ 10,500 units @ 7,100 units 8.600 units @ $202,000 $51 20 22 25 30 ? Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Crane Corporation Condensed Incom Statement For the year ended December 31 First-in, first-out Last-in, first-out 1065900 1065900 114000 114000 611900 1 611900 1 725900 1 725900 250500 1 196400 475400 529500 590500 536400 202000 202000 1 $ 388500 $ 334400