Lanier Company began operations on January 1, 2020, 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 2020 2021 FIFO $320.000 $360,000 LIFO 240,000 330,000 Net Income (computed under the FIFO method) 500,000 790.000 Based upon the above information, a change to the LIFO method in 2021 would result in net income for 2021 of $690.000 $750,000 $770,000 5810,000