The board of directors of Ichiro 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	20,600	units@	$58
Inventory, January 1	6,430	units@	23
Purchases	6,860	units@	26
10,300	units@	29
7,710	units@	35
Inventory, December 31	10,700	units@	?
Operating expenses	$233,600

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