Best Care Company began operations on January 1, 2017, and uses the FIFO method in costing its raw material inventory. Management changed the inventory valuation method to the LIFO method in 2018. Corporate accounting staff has determined what effect such a change will have on net income. The Tax Rate is 40% for all years. Accordingly, the following information has been developed 2017 2018 Net Income (computed under the FIFO method $500,000 $750,000 Ending Inventory under FIFO method $320,000 $400,000 Ending Inventory under LIFO method $200,000 $ 300,000

Based upon the above information, a change to the LIFO method in 2018 would result in adjustment of beginning balance of inventory as of 1/1/2018 in the amount of

Based upon the above information, a change to the LIFO method in 2018 would result adjustment of beginning balance of deferred tax as of 1/1/2018 in the amount of