fifo and lifo income statement presentation the board of directors of ichiro corpor 1574800

(FIFO and LIFO; Income Statement Presentation) 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.

Instructions

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