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Desert Company has decided it would like to change its inventory method from FIFO to LIFO. According to its inventory records, ending inventory according to
Desert Company has decided it would like to change its inventory method from FIFO to LIFO. According to its inventory records, ending inventory according to FIFO is recorded as 280,228 and ending inventory according to LIFO is recorded as 211,188. Using the FIFO method, Desert has calculated its net income to be 693,051. What would Desert record as net income using the new inventory method (LIFO)
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