The board of directors of Indigo Corporation is considering whether or not it should instruct the accounting department to shift fra first in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LFO) basis. The following information is available. $53 Sales Inventory, January 1 Purchases 23 22,000 units @ 5,600 units @ 6,000 units @ 10,800 units @ 6,500 units @ 6,900 units @ $212,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Indigo Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out Sales Revenue 1166000 1166000 Cost of Goods Sold Inventory, Jan. 1 117600 117600 Purchases 637600 367600 Cost of Goods Available 755200 755200 Inventory, Dec. 31 Cost of Goods Sold Gross Profit 212000 212000 Operating Expenses Net Income /(Loss)