Lanier Company began operations on January 1, 2014, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed:

Final Inventory 2014 2015
FIFO $320,000 $360,000
LIFO 240,000 300,000
Net Income (computed under the FIFO method) 500,000 650,000

Based upon the above information, a change to the LIFO method in 2015 would result in net income for 2015 of
a. $590,000.
b. $650,000.
c. $670,000.
d. $710,000.