The board of directors ofMetlockCorporation 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.

Sales20,800units@$55Inventory, January 15,600units@22Purchases6,000units@2410,100units@287,200units@33Inventory, December 318,100units@?Operating expenses$220,000

Are there condensed income statement for the year on both bases for comparative purposes.