Cullumber 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 LIFO $550000 $ 662000 510000 582000 Net Income (computed under the FIFO method) 1080000 1310000 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 $1080000. $1230000. $1270000. $1310000.