The board of directors of Flint 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		21,000	units @	$56
Inventory, January 1		6,300	units @	22
Purchases		6,200	units @	24
		10,200	units @	28
		6,700	units @	33
Inventory, December 31		8,400	units @	?
Operating expenses		$222,000

Prepare a condensed income statement for the year on both bases for comparative purposes.

Prepare a condensed income statement for the year on both bases for comparative purposes. Flint Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out $ $ $ 6A tA