Nesta Corp. sells one product. Extracts from the financial statements for 2016 are as follows. Nesta Corp. uses the FIFO method when accounting for inventorie Year Ending Dec 31, 2016 Revenue: $8,120 Gross Profit: $3,808 Purchases: $5,040 Reported Inventory Turnover Ratio: 1.3628 How much will Nesta Corp. report as total inventory in dollars on Dec 31, 2016? O 3,246 O 3,387 3,528 O 3,669 3,810 Baresi Corp. uses LIFO method for inventories for 4/5 of its inventories. For the rest of the inventories it uses the FIFO method. BALANCE SHEET: Dec 31, 2016 | Dec 31, 2015 Inventories: 879,000 | 731,000 INCOME STATEMENT year ended: Dec 31, 2016 Net sales: 5,000,000 Cost of goods sold: (3,478,500) Gross profit: 1,521,500 Operating expenses: (800,000) Operating income: 721,500 Investment income: 100,000 Interest expense: (125,000) Income before income taxes: 696,500 Income tax expense: (208,950) Net income: 487,550 NOTES: Dec 31, 2016 | Dec 31, 2015 LIFO Reserve: 430,000 | 344,000 What will be the net income if Baresi Corp. uses FIFO method for all its inventories?