E8-18B (FIFO and LIFO; Income Statement Presentation) The board of directors of

E8-18B (FIFO and LIFO; Income Statement Presentation) The board of directors of Soho Corporation is considering whether or not it should instruct the accounting department to shift from a first-in firstout (FIFO) basis of pricing inventories to a last-in first-out (LIFO) basis. The following information isavailable.Sales 10500 units @ $45Inventory January 1 3000 units @ $15Purchases 3000 units @ $17 5000 units @ $20 3500 units @ $25Inventory December 31 4000 units @ ?Operating expenses $100000InstructionsPrepare a condensed income statement for the year on both bases for comparative purposes.