Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? (Hint: Calculate cost of goods sold to answer this question)

Unit CostTal Cost 1/1 Beginning Inventory 1/20 Purchase 7/25 Purchase 10/20 Purchase Units 100 400 200 300 1,000 $4 S6 $7 $8 S 400 2,400 1,400 2,400