Chapter 9, Problem 11E Bookmark Show all steps: ON Problem Blago Wholesale Company began operations on January 1, 2017, and uses the average cost method in costing its inventory. Management is contemplating a change to the FIFO method in 2018 and is interested in determining how such a change will affect net income. Accordingly, the following information has been developed: 2017 2018 S150,000 160,000 $255,000 270,000 Average cost Condensed income statements for Blago Wholesale appear below: 2017 Cost of poods sold 250,000 Net income Required Based on this information, what would 2018 net income be after the change to the FIFO methood? Ignore any income tax effects of this change in accounting method. Stepiby step solution Ch righ