FIFO and LIFO, Income Statement Presentation The board of directors of Oksana Corporation is considering whether or not it should instruct the accounting department to change 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                                             20,000 units @ $50

Inventory, January 1                     6,000 units @ 20

Purchases                                      6,000 units @ 22

                                                      10,000 units @ 25

                                                        7,000 units @ 30

Inventory, December 31             9,000 units @

Operating expenses             $200,000

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