ABC company uses LIFO for financial reporting purposes and FIFO for internal reporting purposes. Its LIFO reserve balance is $70,000 as of 12/31/2011 and $170,000 as of 12/31/2012. Its reported net income (LIFO) is $1,000,000 for fiscal year 2012. Assume tax rate is 40%, what would the company's net income in 2012 be should the company used FIFO method?

		1,006,000
		1,060,000
		994,000
		940,000
		I do not know