Blossom Company began operations on January 1, 2023 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: Based on the above information, a change to the LIFO method in 2024 (ignore income tax considerations) would result in net income for 2024 of $1224000.$1160000.$1370000.$1300000.