A US-based Company reports its financial statements as per the US GAAP. In 2019, the company reported a net income of USD 100,000. Its cost of goods sold was $50,000 and its ending inventory balance was $12,000. The company applied an income tax rate of 15% for that year. The company's LIFO reserve in 2018 was $3,000 and $5,000 in 2019. Calculate the net income of the company if it had used FIFO in place of LIFO. a) 100,000 b) 101,700 c) 98,300