he following inventory data are available for Elneny for the year 2020:

	Beginning	Ending
FIFO	228,800	246,500
LIFO	205,200	226,300

Assuming an income tax rate of 34%, if Elneny elects LIFO instead of FIFO, its reported net income will be approximately:

Multiple Choice

• $2,244 lower

• $13,332 higher

• $13,332 lower

• $2,244 higher