Hastings Company began operations on January 1, 2008 and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method in 2009 and is interested in determining how such a change will affect net income. Accordingly, the following information has been developed:

Required:
Based on this information, what would 2009 net income be after the change to the LIFO method?

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2008 2009 Final inventory FIFO LIFO $240,000 200,000 $270,000 210,000 Net income (Computed under the FIFO method) $120,000 $170,000