The board of directors of Swifty Corporation is considering whether or not it should instruct the...

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	20,200	units @	$52
Inventory, January 1	5,400	units @	21
Purchases	6,100	units @	23
	9,400	units @	26
	7,100	units @	31
Inventory, December 31	7,800	units @	?
Operating expenses	$206,000

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

Expert Solution

ekkarill92 answered 3 years ago

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