View Policies Current Attempt in Progress The board of directors of Ichiro 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 Inventory, December 31 Operating expenses 21,000 units @ 6,000 units @ 6,000 units @ 10,000 units @ 7,000 units @ 8,000 units @ $50 20 22 25 30 ? $200,000 Prepare a condensed income statement for the year on both bases for comparative purposes.

Current Attempt in Progress The board of directors of Ichiro 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 (UFO) basis. The following information is available: Prepare a condensed income statement for the year on both bases for comparative purposes. Ichiro Corporation Condensed Income Statement For the year ended December 31