Morton Company uses the periodic inventory method and had the following inventory information available:

		Units	Unit Cost	Total Cost
1/1	Beginning Inventory	100	$4	$400
1/20	Purchase	400	$5	2,000
7/25	Purchase	200	$7	1,400
10/20	Purchase	300	$8	2,400
		1,000		$6,200

A physical count of inventory on December 31 revealed that there were 350 units on hand.

Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?

Fill in the blank with the appropriate amount. Please give your answer in the following format: EXAMPLE: $3,000.