Hennig Nursery, Inc., reported:

\section*{Required}
Show the cost-of-goods-sold computations for 19X5 under LIFO and FIFO. Then compute Hennig's net income for \(19 \mathrm{X} 5\) if the company had used FIFO.

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19X5 19X4 Balance Sheet: Inventories note 4.. ........S 67,800 $ 60,300 Income Statement: Cost of goods sold. 399,600 381,400 Net income.. 92,100 86,700 Income tax rate. 35% 34% Note 4. The company determines inventory cost by the last-in, first- out method. If the first in, first-out method were used, inventories would he $6,100 higher at year end 19X5 and $3,500 higher at year end 19X4.