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East Glacier Company began operations on January 1, 2021, and uses FIFO for inventory calculations. Management is contemplating a change to LIFO and is interested
East Glacier Company began operations on January 1, 2021, and uses FIFO for inventory calculations. Management is contemplating a change to LIFO and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Final Inventory 2021 2022 FIFO $312,000 $ 532,000 LIFO 286,000 412,000 Net Income (computed under the FIFO method) 658,000 872,000 Based on the above information, a change to the LIFO method in 2022 would result in net income for 2022 of?
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