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		21,000	units @	$62
Inventory, January 1		5,700	units @	25
Purchases		5,900	units @	27
		10,300	units @	31
		7,000	units @	37
Inventory, December 31		7,900	units @	?
Operating expenses		$248,000

Prepare a condensed income statement for the year on both bases for comparative purposes.