The board of directors of Metlock 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 Inventory, January 1 Purchases 20,800 units @ $55 5,600 units @ 22 6,000 units @ 24 10,100 units @ 28 7,200 units @ 33 8,100 units @ ? $220,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Metlock Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, fi $ $ $