The board of directors of Sheffield Corporation is considering whether or not it should instruct the from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The foll Sales Inventory, January 1 Purchases 21,000 units @ $59 6,500 units @ 23 6,200 units @ 26 10,700 units @ 29 7,100 units @ 35 9,500 units @ ? $234,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Last-in, first-out $ $ $