12) Heinz Company began operations on January 1, 2023 and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Final Inventory FIFO LIFO Net Income (computed under the FIFO method) 2023 $640,000 560,000 980,000 A) $1,370,000. B) $1,254,000. C) $1,330,000. D) $1,250,000.

12) Heinz Company began operations on January 1, 2023 and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what Based on the above information, a change to the LIFO method in 2024 (ignore income tax considerations) would result in net income for 2024 of A) $1,370,000. B) $1,254,000. $1,330,000 $1,250,000