Exercise 22-5 Presented below are income statements prepared on a LFO and Firo basis for windsor Company, which started operations on January 1, 2016. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2017. The FIFO income statement its computed in accordance with the requirements of GAAP. Windsor's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis FIFO Basis 2017 2016 0 2016 2017 Sales Cost of goods sold Operating expenses Income before profit-sharing Profit-sharing expense Net income $3,110 $3,110 $3,110 $3,110 1,140960 1,060 920 950 950 950 950 1,020 1,200 1,100 1,240 120 114120 $918 $1,080 $986 $1,120 102 Answer the following questions. If comparative income statements are prepared, what net income should Windsor report in 2016 and 2017? (Round answers to O decimal places e.g. 125.)