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 20,900 units @ $51 Inventory, January 1 5,700 units @ 20 Purchases 6,200 units @ 22 10,500 units @ 25 7,100 units @ 30 Inventory, December 31 8,600 units @ ? Operating expenses $202,000 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 $ $ $ $ $ $