The board of directors of Splish 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 27 21,000 units @ $62 5,700 units @ 25 5,900 units @ 10,300 units @ 31 7,000 units @ 37 7,900 units @ ? $248,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Splish Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Sales Revenue $ 1302000 Cost of Goods Sold Inventory, Jan. 1 $ 142500 i Purchases 737600 i Cost of Goods Available 173550 Inventory, Dec. 31 248350 Cost of Goods Sold Gross Profit Operating Expenses Net Income /(Loss) $ Last-in, first-out $ 1302000 $ 14250 737600 i 173550 $