The board of directors of Waterway 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 22,800 units @ $60 6,100 units @ 24 6,300 units @ 26 11,000 units @ 30 7,700 units @ 36 8,300 units @ ? $238,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. First-in, first-out Last-in, first-out Sales Revenue Cost of Goods Sold Inventory, Jan. 1 Purchases X T Cost of Goods Available Inventory, Dec. 31 100 0000 | Cost of Goods Sold X Gross Profit X TOperating Expenses x Net Income / (Loss)