(Answered) The board of directors of ichiro corporation is considering

Accounting

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	20,600	units @	$58
Inventory, January 1	6,430	units @	23
Purchases	6,860	units @	26
10,300	units @	29
7,710	units @	35
Inventory, December 31	10,700	units @	?
Operating expenses	$233,600

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

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