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