The income statement of Bottom, a manufacturing company, for the year ending 31 Januar y 20X2 is as follows:

Bottom $000 Revenue 75,000 Cost of sales (38,000)
Gross profit 37,000 Other operating expenses (9,000)
Profit from operations 28,000 Investment income Finance cost (4,000)
Profit before tax 24,000 Income tax expense (7,000)
Net profit for the period 17,000 Note – accounting policies Bottom has used the LIFO method of inventor y valuation but the directors wish to assess the implications of using the FIFO method. Relevant details of the inventories of Bottom are as follows:
Date Inventor y valuation under:
FIFO LIFO $000 $000 1 February 20X1 9,500 9,000 31 January 20X2 10,200 9,300 Requirement:
Re-draft the income statement of Bottom using the FIFO method of inventory valuation and explain how the change would need to be recognised in the published financial statements, if implemented.