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. $55 Sales Inventory, January 1 Purchases 20,800 units 5,600 units @ 6.000 units @ 10.100 units @ 7,200 units @ 8.100 units @ $220,000 22 24 28 33 ? 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, first-out $ $ $ >