Hand write your answer on a blank paper, take the picture of your answer, and upload your answer here as an attachment. Include your name, all calculation procedure, and time and date you wrote the answer. Without calculation, you would not get any credit Question: What would be the Net income of 2020 when you convert the inventory method from Fifo to LiFo (Assume there is no non-operating items nor tax expense)? Net Income of 2020 under FiFo: $20,000 COGS of 2020 is $54,000 under Fifo LiFo Reserves for 2019 and 2020 are $2,000 and $1,000 respectively