The board of directors of Sheridan 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. Prepare a condensed income statement for the year on both bases for comparative purposes. Sheridan Corporation Condensed Income Statement For the year ended December 31 First-in, first-out $ Last-in, first-out $ $ $ $