. A company applies LIFO and reports net income for Year Four of $328,000. Reported inventory at January 1 was $32,000 and at December 31 was $35,000. A note to the financial statements indicates that the beginning inventory would have been $52,000 and ending inventory would have been $78,000 if FIFO had been used. What would this company have reported as its net income for Year Four if FIFO has been applied as the cost flow assumption?