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Prepare a condensed income statement for the year

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Reference no: EM131695410

Question - The board of directors of Swifty 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

22,000units @ $62

Inventory, January 1

5,800 units @  25

Purchases

5,700 units @  27

10,900 units @  31

6,600 units @  37

Inventory, December 31

7,000 units @  ?

Operating expenses

$246,000

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

Reference no: EM131695410

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