Loyer Company began operations on January 1, 2022, 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	2022	2023
FIFO	$640,000	$ 712,000
LIFO	560,000	636,000
Net Income (computed under the FIFO method)	980,000	1,030,000

Based on the above information, a change to the LIFO method in 2023 would result in net income for 2023 of

Question 23 options:

a)	$ 954,000.

b)	$1,070,000.

c)	$1,030,000.

d)	$ 950,000.