question the board of directors of ayayai corporation is considering whether or not 4290439
The board of directors of Ayayai 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 @ $52 Inventory, January 1 5,900 units @ 21 Purchases 5,600 units @ 23 9,200 units @ 26 7,700 units @ 31 Inventory, December 31 7,800 units @ ? Operating expenses $208,000 Prepare a condensed income statement for the year on both bases for comparative purposes.