Kingbird Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Kingbird changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted- Average Year FIFO $384,700 $399,100 2018 2019 398,400 422,600 426,600 467,100 2020 What is Kingbird's net income in 2020? Assume a 35% tax rate in all years. Net Income $ Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. Net effect $ e Textbook and Media Show comparative income statements for Kingbird Company, beginning with income before income tax, as presented on the 2020 income statement. 2020 2019 2018 Income before income tax $ Income tax $ $ Net income $ tA