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		20,400	units @	$57
Inventory, January 1		6,560	units @	23
Purchases		6,480	units @	25
		10,700	units @	29
		7,540	units @	34
Inventory, December 31		10,880	units @	?
Operating expenses		$228,600

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