Current Attempt in Progress Your answer is partially correct. The board of directors of Vaughn 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 22,100 units @ $58 Inventory, January 1 6,600 units @ 23 Purchases 6,400 units @ 25 9,900 units @ 29 6,900 units @ 35 Inventory, December 31 7,700 units @ ? Operating expenses $230,000 Sales Revenue Cost of Goods Sold Inventory, Jan. 1 151800 Purchases 688600 Vaughn Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Cost of Goods Available 840400 i Inventory, Dec. 31 Cost of Goods Sold Gross Profit Operating Expenses Net Income/(Loss) -218300 $ $ 1281800 622100 659700 -230000 i 429700 $ 151800 Last-in, first-out 688600 i 840400 i -128100 1281800 712300 569500 -230000 339500