Multiple Choice Question 51 Blossom Company began operations on January 1, 2017, 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: 2017 2018 Final Inventory. $255000 FIFO 295000 235000 LIFO 175000 Net Income (computed under the FIFO method) 435000 685000 Based upon the above information, a change to the LIFO method in 2018 would result in net income for 2018 of $74500o $625000 $685000 $705000 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER Multiple Choice Question 64 Sunland Co. purchased machinery that cost $2700000 on January 4, 2016. The entire cost was recorded as an expense. The machinery has a 9-year life and a $170000 resldual value. The error was discovered on December 20, 2018. Ignore Income tax considerations. Sunland's income statement for the year ended December 31, 2018, should show the cumulative effect of this error in the amount of $1890000 so. $2100000 $2137778 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used