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Condensed income statement

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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 at $50.00

Inventory, January first 6,000 units at $20.00

Purchases 6,000 at $22.00

Purchases 10,000 at $25.00

Purchases 7,000 at $30.00

Inventory, December 31st, 9,000 units at $?.??

Operating expenses $200,000

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

Reference no: EM13149805

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