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Crane Company began operation, on January 1 , 2 0 2 0 , and uses the FIFO method in costing its raw material inventory. Managem

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Crane Company began operation, on January 1,2020, and uses the FIFO method in costing its raw material inventory. Managem 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:
\table[[Final Inventory,2020,2021],[FIFO,$375000,$415000
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