FIFO and LIFO; Income Statement Presentation) The board

| October 3, 2018

(FIFOandLIFO;IncomeStatementPresentation)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.InstructionsSales 21,000 units @ $50Inventory, January 1 6,000 units @ 20Purchases 6,000 units @ 2210,000 units @ 257,000 units @ 30Inventory, December 31 8,000 units @ ? Operating expenses $200,000Prepare a condensed income statement for the year on both bases for comparative purposes.

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