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 @ $51 5,700 units 20 6,200 units @ 22 10,500 units 25 7.100 units @ 30 8,600 units @ $202,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Crane Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-In, first-out $ $ $ $ 611900 611900 $ $