CPC International, Inc., maker of Hellmann's mayonnaise, Mazola corn oil, and other foods, included the following in its annual report:

Inventories are stated at the lower of cost or market.... Outside the United States, inventories generally are valued at average cost. In the United States, vegetable oils and corn are valued at cost on the last-in, first-out method. Other United States inventories are valued at cost on the first-in, first-out method. Had the first-in, first-out method been used for all United States inventories, the carrying value of these inventories would have increased by \(\$ 20.3\) million.

Suppose CPC International were to change to the FIFO method for all its inventories. Write the note to disclose this accounting change in the company's financial statements. Indicate the effect of the change on income before income tax.