Lanier Company began operations on January 1, 2017, and uses the LIFO method in costing its raw material inventory. Management is contemplating a change to the FIFO 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

2017 2018

FIFO $320,000 $360,000

LIFO 240,000 300,000

Net Income 500,000 750,000

Based upon the above information, if they change to the FIFO method in 2018 what would Lanier report for net income for the comparative income statements?