Blossom Company began operations on January 1, 2020, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed. Final Inventory 2020 2021 FIFO $510000 $ 582000 LIFO 430000 506000 Net Income (computed under the FIFO method) 850000 1200000 The company deems it impracticable to apply the retrospective approach. Based on the above information, a change to the LIFO method in 2021 would result in net income for 2021 of $1124000 O $1120000 O $850000 O $1200000