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 20,000 units @ $57

Inventory, January 1 6,190 units @ 23

Purchases

6,230 units @ 25

10,700 units @ 29

7,320 units @ 34

Inventory, December 31 10,440 units @ ?

Operating expenses $228,200 Prepare a condensed income statement for the year on both bases for comparative purposes. Ichiro Corporation Condensed Income Statement For the year ended December 31