(11) Lanier Company began operations on January 1, 2021 and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the average cost method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Based upon the above information, a change to the average cost method in 2022 would result in net income for 2022 of (a) $540,000 (b) $600,000. (c) $620,000. (d) $660,000. 3 marks wer Page 5 of 9