Exercise 8-15 Your answer is partially correct. Try again. The board of directors of Skysang 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 22,000 units @ $53 5,600 units @ 21 6,000 units @ 23 10,800 units @ 27 6,500 units @ 32 6 ,900 units @ ? $212,000 Inventory, December 31 Operating expenses Prepare a condensed income statement for the year on both bases for comparative purposes. Skysong Corporation Condensed Income Statement For the year ended December 31 First-In, first-out Last-In, first-out Sales Revenue T 1166000 $ 1166000 Cost of Goods Sold : Inventory, Jan. 1 117600] 117600 637600 637600 Purchases Cost of Goods Available . 755200 755200 Inventory, Dec. 31 9 Cost of Goods Sold Gross Profit Operating Expenses 2 Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work